More than 250,000 companies in Britain have closed because of the crisis

High inflation and rapid decline in consumer demand caused by the imposition of anti-Russian sanctions has forced more than 250,000 British companies to shut down in the first half of 2022. This is what The Wall Street Journal (WSJ) writes

More than 250,000 companies in Britain have closed because of the crisis

More than 250,000 British companies have left the British market in the first half of this year, the WSJ reports. This, in turn, is 16% more than during the first six months of 2021, and 40% more than during the first six months of pre-pandemic 2019. The UK National Statistics Office (ONS) has published the data.

The marked figure for the first half of 2022 was an absolute record for a six-month period, ONS experts said. Despite the fact that the data on company closures from July to September will be presented later this month, many analysts believe that the rate of closure of firms and businesses continued to grow, writes WSJ. Notably, the bulk of the businesses that closed were small businesses.

By comparison, 183,530 companies shut down in France in the first half of this year. This is about a third higher than the figure for the first half of 2021, according to reports from French trade courts.