FEARS have been voiced about the impact new Covid restrictions will have on the local economy after figures reveal corporate insolvencies have almost doubled in the past year.
There was an 87.9 per cent increase in the number of firms entering a formal insolvency process in England and Wales in November 2021 compared with November 2020, according to latest insolvency statistics.
R3 – the association for insolvency and restructuring professionals – warned that the spread of the omicron variant and new Plan B restrictions could have an impact over Christmas.
Garry Lee, chairman of the insolvency trade body for Dorset, said: “Times are tough for businesses in Dorset as the pandemic continues to take its toll on the economy and the firms that drive it.
“Over the last few weeks, businesses have been hit by the triple whammy of increased costs, supply chain issues and rising Covid cases.
“They have also been operating in the face of low consumer confidence and anaemic economic growth in recent months, which, coupled with an increasingly difficult Covid…
