Insolvencies rose 10% from a year ago in the three months to the end of September, the latest official figures for England and Wales show.
Julie Palmer, from Begbies Traynor, said this was down to a combination of higher inflation and borrowing costs twinned with weaker consumer confidence and demand.
He said while his firm had enough work to survive, higher borrowing and material costs meant a lot of people could not justify investing in home improvements.
Mr Lee also said the volatile price of materials added more pressure and pointed to some timber panels they were installing in a home extension.
“There are no solutions out there at the moment, and at the same time it’s a pretty buoyant employment market so a lot of business owners are saying ‘I just can’t do this anymore, and I might as well just work for somebody else’, and that’s the choice they’re taking.”
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The original article contains 887 words, the summary contains 188 words. Saved 79%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Insolvencies rose 10% from a year ago in the three months to the end of September, the latest official figures for England and Wales show.
Julie Palmer, from Begbies Traynor, said this was down to a combination of higher inflation and borrowing costs twinned with weaker consumer confidence and demand.
He said while his firm had enough work to survive, higher borrowing and material costs meant a lot of people could not justify investing in home improvements.
Mr Lee also said the volatile price of materials added more pressure and pointed to some timber panels they were installing in a home extension.
“There are no solutions out there at the moment, and at the same time it’s a pretty buoyant employment market so a lot of business owners are saying ‘I just can’t do this anymore, and I might as well just work for somebody else’, and that’s the choice they’re taking.”
If you are reading this page and can’t see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at [email protected].
The original article contains 887 words, the summary contains 188 words. Saved 79%. I’m a bot and I’m open source!