Business failures down 2.8%

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The number of business failures dropped 2.8 per cent last month, according to figures published by Equifax, a business information provider.

The improvement in company prospects is another tentative sign of a return to business confidence in the UK, despite the unsettling effect of the general election campaign.

The construction and retail industries fared better than other parts of the economy, with drops in failures of 12.3 per cent and 9.1 per cent respect-ively. The wholesale sector saw a 2.8 per cent rise in failures. Regionally, the north-east performed best, followed by London and the East Midlands. York-shire and Humberside, the east of England and Wales were the only parts of the UK to see an increase in the number of businesses going bust.

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