Another indication of economic stability and better economic times ahead is that personal insolvencies have fallen to the lowest levels for some eight years.
The number of insolvencies across England and Wales was virtually 8% lower than 2012 and the lowest annual total since 2005 said the Insolvency Service.
The number of firms also being liquidated dropped by nearly 7.5% in the same period. Bankruptcies fell by more than 20% year on year from 2013 to 2012.
A certain amount of this may have been influenced by the introduction of debt relief orders, which help reduce bankruptcy where debt can total less than £15,000 and the people with said debts have no realistic means of repaying them.
Whilst bankruptcies experience a downward trend, job creation is substantially on the up – to the point that the Bank of England almost triggered their own ‘forward guidance’ policy when unemployment fell to just 7.1% in the last period (years before they projected).Â
LCB / SRJ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.02.14