Brexit latest: Number of UK firms in critical financial distress soars 17%

The number of UK businesses in “critical” financial distress jumped 17 per cent over the year to the end of March, with a significant deterioration seen in the first quarter of 2019 as Brexit uncertainty deepened. Research by insolvency firm Begbies Traynor found that almost half a million businesses – one in seven of all UK companies – were in significant financial distress in the first three months of 2019. The number of significantly distressed companies in the property sector jumped by 13 per cent to 48,182 for the quarter, from 42,512 in the same period a year ago. Property was the worst-hit sector for the second quarter in a row, and was hurt by people holding off making big purchases including new homes.