AN insolvency map of England and Wales has been unveiled by the Government – and towns and cities across Yorkshire and the North East are highlighted among the hotspots for financial pressures.
The Insolvency Service has created the insolvency map after capturing and scrutinising data from Parliamentary constituencies up and down the land.
Insolvency researchers focused on individual insolvencies, bankruptcies, debt relief orders (DROs) and individual voluntary arrangements (IVAs)
And they revealed that three constituencies in Yorkshire and the North East were among ten nationwide with the highest individual insolvency rates.
Scarborough and Whitby, Kingston-upon-Hull East, and Easington in County Durham all featured in the top ten, with insolvency rates more than double the national average. There were more than 1,000 new cases of personal insolvency between them in a 12-month period.
Looking at those constituencies which had witnessed the biggest spike in personal insolvencies year-on-year, figures for Yorkshire and the North East also gave cause for concern.
The region was responsible for four of the top ten constituencies with the biggest increases – Hatlepool, Halifax, Stockton South and Barnsley Central all posting year-on-year rises in personal insolvencies of more than 12%.
By comparison, York Central topped the national table for the biggest decrease – a 6.4% fall in individual insolvencies from the previous 12 months.
The Insolvency Service research spotlighted Batley and Spen, as well as Kingston-upon-Hull West and Hessle as two of the constituencies nationwide with the highest bankruptcy rates – almost twice the national average.
For the fifth year in a row, Scarborough and Whitby topped the league table for having the most debt relief orders (DROs) – nearly five times the national average at 27 per 10,000 adults. Halifax, Stockton North and Kingston-upon-Hull East also climbed into the DRO top ten after posting the largest year-on-year increases.
The biggest decrease in DROs also came in Yorkshire and the North East, with the constituency of Sheffield Brightside and Hillsborough seeing its number more than halve.
The urban areas of the North East and South Yorkshire both figured prominently on the insolvency map charting the rise in IVAs – Easington in County Durham having the second highest IVA rate in England and Wales, and Wentworth and Dearne following just behind.
The Insolvency Service data can be accessed in full here: https://www.gov.uk/government/statistics/individual-insolvencies-by-parliamentary-constituency-england-and-wales-2018
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