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Business insolvencies declining
The pace of business failures in the UK declined last month by the largest figure recorded in more than a year, according to figures complied by a data agency.
Experian has revealed that the number of company insolvencies fell by 23 per cent in August to 0.09 per cent of the business community, which suggests that the UK economy is beginning to climb out of recession.
However, this data also discovered a disparity in the scale of change occurring throughout the country - with north-east England experiencing a 92 per cent increase year-on-year in failures while the north-west recorded a decrease.
Rolf Hickman, managing director of the Experian subsidiary pH, described the results as "encouraging"
He said: "It is too early to tell whether this is an indication of a more positive outlook. [But] one thing is for sure: businesses are distinctly aware of the current environment and the need to be cautious in any dealings."
Many corporations in the UK are bracing themselves for a return to growth as the UK economy undergoes a period of transition.