利率挤压企业，英国破产率超过金融危机水平

英国Bmmagazine网站2024年8月20日文章：利率挤压企业，英国破产率超过金融危机水平。

文章主要讨论了英国企业破产率上升的问题，指出破产数量已超过2008年金融危机水平，主要原因是利率急剧上升给企业带来的压力。在过去一年中，英国公司破产数量已超过2008年全球金融危机期间的水平。

根据破产服务局（Insolvency Service）的最新数据，截至 7 月底的一年中，共有 25,551 家公司破产，与 2008-09 年同期的 25,186 家相比增加了 1.4%。

这些数字凸显了自 2021 年以来利率急剧上升给企业带来的日益沉重的压力。尽管经济有恢复迹象，但零售和酒店业等受消费者支出减少影响严重。仅在 7 月份，就有 2150 家公司破产，与 2023 年同期相比增加了 25%。

英格兰银行已降息以应对经济挑战，但企业仍面临能源成本上升和消费者支出不足等困境。专家表示，宽松的货币政策和经济增长可能带来缓解，但企业需有足够的财务余地或贷款人的支持。

原文如下：

UK insolvencies surpass financial crisis levels as interest rates squeeze businesses

20Aug, 2024 

The number of UK companies falling into insolvency over the past year has surpassed the levels seen during the 2008 global financial crisis.

The number of UK companies falling into insolvency over the past year has surpassed the levels seen during the 2008 global financial crisis.

According to the latest figures from the Insolvency Service, 25,551 companies went under in the year leading up to the end of July, a 1.4% increase compared to the 25,186 insolvencies recorded during the same period in 2008-09.

These figures highlight the mounting pressure on businesses as a result of the sharp rise in interest rates since 2021. Although the Bank of England has been raising borrowing costs for nearly three years, the impact on business failures had been somewhat subdued—until now. The latest data suggests that the strain on corporate finances is becoming increasingly severe, despite the unemployment rate holding steady at 4.4%.

Rebecca Dacre, a partner at Forvis Mazars, commented on the situation, saying, “The latest insolvency figures are a strong reminder that many businesses are still a long way off from recovery. Despite initial signs of improvement in the economy, some sectors are still experiencing severe difficulty as interest rates remain high.”

The retail and hospitality sectors, in particular, have been hit hard by reduced consumer spending during the ongoing cost of living crisis. These challenges have made survival increasingly difficult for many businesses in these industries.

In response to the economic challenges, the Bank of England lowered interest rates this month for the first time since March 2020, reducing its base rate from 5.25% to 5%. City traders anticipate that the Bank will implement two further rate cuts this year, each by a quarter-point.

In July alone, 2,150 companies went insolvent, marking a 25% increase compared to the same month in 2023. However, this figure was down slightly from the 2,349 insolvencies recorded in June this year, according to non-seasonally adjusted data from the Insolvency Service.

A rise in business failures is typically associated with higher unemployment and slower economic growth. However, the UK economy has shown signs of resilience this year, with growth of 0.7% and 0.6% in the first and second quarters, respectively.

During the pandemic, the government introduced measures to protect businesses from failure due to lockdowns, resulting in a temporary decrease in insolvencies. However, the removal of most of these policies in late 2021 led to a surge in business failures.

Corporate finances continue to be squeezed by a combination of rising energy costs, partly due to Russia’s invasion of Ukraine, and consumer spending that remains below pre-pandemic levels.

Sarah Rayment, head of global restructuring at Kroll, expressed cautious optimism for businesses, noting that looser monetary policy and steady economic growth could offer some relief. “The question is whether they will have enough financial headroom with higher borrowing costs or whether their lenders will give them enough leeway,” she said. “It is perhaps more likely that we will see more restructuring activity in the near future.” 

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