Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 8°C

ESTD 1874 Search

Suffolk/Essex: Personal bankruptcy falls to pre-recession levels amid ‘economic recovery’

17:26 10 July 2014

The research, published in the Insolvency Services annual report mapping out personal insolvency rates in England and Wales, showed there were 369 new cases of bankruptcy orders in Suffolk last year. Photo: Press Association.

The research, published in the Insolvency Services annual report mapping out personal insolvency rates in England and Wales, showed there were 369 new cases of bankruptcy orders in Suffolk last year. Photo: Press Association.

The number of people filing for bankruptcy in Suffolk has plummeted since the recession, falling from a peak of almost 1,100 in 2009 to a 12-year low of around 350 in 2013, official figures show.

shares

The news fuelled suggestions an economic recovery is firmly taking shape across the region amid falling unemployment and rising wages.

The research, published in the Insolvency Service’s annual report mapping out personal insolvency rates in England and Wales, showed there were 369 new cases of bankruptcy orders in Suffolk last year.

That was a rate of 6.3 people per 10,000 of the population – the lowest this century – compared to a peak of 19.2 in 2009, when there were 1,089 bankruptcy orders.

The last time the number of people declaring they were bankrupt fell below last year’s figure of 369 was in 2001, when there were 341.

John Dugmore, chief executive of the Suffolk Chamber of Commerce, said: “We are seeing signs of a continued economic recovery across Suffolk and the 12-year low for bankruptcies in our county is a further indication of this.

“When an individual is made bankrupt or a business folds it is awful for everyone involved.

“Having the right business advice at the right time is something that firms under pressure need, which is why services like the Growth Hub for Norfolk and Suffolk, which is now in operation and provides a ‘no wrong door’ service for businesses large and small in the county, is making such a difference.

“Therefore we look forward to continued investment from the government, which will help to bring continued recovery and the number of bankruptcies continuing to reduce.”

It was reported in May how an extra 5,500 people in Suffolk have become self-employed since the recession, climbing to 52,800 in 2013, while weekly pay for full-time workers rose by 7.9% between 2008 and 2013, from £450 to £485.50.

Unemployment has fallen fell by almost a third in a year and the proportion of people in Suffolk claiming benefits has dipped below 2% for the first time since October 2008.

In Essex, the number of people declaring themselves bankrupt fell from a 21st Century high of 2,276 in 2009 – a rate of 21 people per 10,000 of the population – to 632 last year; a rate of 5.7, which was the lowest rate since 2000.

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Two teenagers have been arrested following the death of a 14 year old boy after an incident at an address in Thurston.

A peaceful Suffolk village is tonight in shock after the death of a 14-year-old boy from gunshot wounds.

The A1092 through Clare is closed due to a road traffic accident.

Police were called at 3.35pm today to attend a serious road traffic collision in Clare.

Knight Owl ridden by George Wood (centre) gets the better of Examiner ridden by Oisin Murphy (right) to win The Suffolk Stakes Race run during QIPCO 2000 Guineas Day of the QIPCO Guineas Festival at Newmarket Racecourse. Julian Herbert/PA Wire

Newmarket celebrated 350 years of world-class horse racing this weekend – and ushered in the anniversary with a Spitfire display.

Waveney River Centre.

A young girl has died after she was found unconscious in a pool at Waveney River Centre at around midday today.

Entrants set off in last year's Rotary Club of Felixstowe fun run on the resort's seafront.

After a warm and fairly dry weekend, Bank Holiday Monday is set to get off to a dry start in Suffolk but turn wet and blowy by the afternoon.

More than 600 vehicles - cars, buses, military vehicles and motorcycles - taking part in the 46th annual Ipswich to Felixstowe Historic Vehicle Run. Christchurch Park. Left to right, Ross and Stuart Holman.

Hundreds of car owners took advantage of one of the first good days of the year to take part in Sunday’s historic vehicle run from Ipswich to Felixstowe.

Norfolk Police. Photo: Steve Adams

Police were called to the scene of a three car crash on the A146, near the Morrisons roundabout, at around 11.24am.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24