New figures reveal more than 1,000 businesses folded in Northumberland in 2022
More than 1,000 businesses folded in Northumberland in 2022, new figures show.
It comes as more UK businesses closed since records began in 2002, surpassing the number of new start-ups founded for the first year since 2010.
In his autumn statement, Chancellor Jeremy Hunt announced a range of tax cuts to aid businesses.
The Institute for Public Policy Research said the rising number of closing businesses is a "potential warning sign for the British economy", blaming high energy costs and the end of coronavirus pandemic support schemes.
Office for National Statistics figures show around 1,085 businesses in Northumberland ceased trading in 2022 – up from 910 the year before.
Some 10,570 businesses were active last year, meaning the 'business death rate' – the percentage of businesses that closed – has risen to 10.3%.
This is above the 'business birth rate' – the percentage of businesses that began trading – of 9.5%, with around 1,000 created last year.