§ The Earl of Northeskasked Her Majesty's Government:
How many businesses failed in England and Wales during the first three months of this year; what change this represents compared with the same quarter in 1999; and whether the stock of 2.8 million full-time businesses is higher or lower than a decade ago. [HL3045]
Lord Sainsbury of Turville: There were 11,070 insolvencies in England and Wales during the first three months of this year, a rise of 535, or 5 per cent, on the same quarter in 1999. Barclays Bank estimates that in total there were 108,000 business closures in England and Wales during the first three months of this year, a rise of 8,000, or 8 per cent, on the same quarter in 1999.
Barclays Bank estimates that there were 3.1 million full-time businesses in England and Wales at the start of 1990. At the start of this year there were 2.8 million, the highest level since 1993 and an increase of 154.000 since the start of 1997.