Corporate insolvencies in England and Wales hit a 30-year high in 2023, with 25,158 company insolvencies and a record 20,577 Creditors’ voluntary liquidations. The surge was driven by the construction, retail, hotels, and restaurants sectors, according to the latest Insolvency Service figures. Fitch Ratings predicts rising default rates in the US and Europe in 2024 despite a primary market recovery. Additionally, there are contrasting expectations for interest rates in the US and Europe based on private demand and fiscal policies.
🔴 FITCH RATINGS: US AND EUROPEAN DEFAULT RATES ARE TO RISE IN 2024, DESPITE PRIMARY MARKET RECOVERY.
Defaults skyrocketed last year to the highest tally since the start of the pandemic - and 2024 is set to bring more pain to corporations https://t.co/xA8LzoaXsx
Corporate insolvencies hit 30-year high in England and Wales in 2023 Concerning https://t.co/6KpXI2TRr6
Next few years: Given the strength of private demand and loose fiscal policy, hard not to see fairly high interest rates in the US (not as high as today). Given the weakness of private demand and likely fiscal consolidation, hard not to see fairly low interesrates in Europe.
Corporate insolvencies hit 30-year high in England and Wales in 2023 https://t.co/I9CQBB0Zkk
NEW 2023 saw a -30 year high for company insolvencies (25,158) - a record high for Creditors’ voluntary liquidations (20,577) - driven by construction, retail, hotels & restaurants According to latest Insolvency Service (england & wales) figures. https://t.co/xwEOc9N6Jj