Small business failures

Fifty percent of new businesses in the UK fail within their first three years. Soaring inflation and interest rates have meant a sharp increase in late payments to small businesses, while failures of large concerns have led to the collapse of small firms in their wake. In 1992, an average of more than 1,220 UK companies "went under" every week, a 40% increase in the first 9 months of the year. A total of 47,777 UK businesses failed in 1991.