Record High Personal Insolvencies

The Insolvency Service reported that 4,523 debt relief orders were registered last month, the highest number since the scheme's introduction in 2009.

Total company insolvencies also rose by 7 percent month-on-month as businesses struggle with high energy costs and supply chain disruptions.

Economic analysts warn that the impact of the Iran war on fuel prices is likely to exacerbate these trends in the coming months.

The data has prompted calls for the government to provide more targeted support for vulnerable individuals and small businesses.