Question to the Department for Business and Trade:

To ask His Majesty's Government, further to recent figures released by the Government Insolvency Service which found that 2002 companies were declared insolvent last month, what plans they have to support companies facing monetary challenges and mitigate the rise in insolvencies.

While insolvencies have risen in absolute terms, when this is compared to the number of active firms in the economy, the proportion of liquidations is well below previous periods of high insolvency numbers. The Government continues to help businesses with measures such as the Energy Bills Discount Scheme; the frozen business rates multiplier for 2023/24 resulting in bills that were 6% lower; increased 75% business rates relief for retail, hospitality and leisure properties; £1.6bn Transitional Relief, protecting ratepayers facing bill increases and the Supporting Small Business scheme that provides over £500 million in support.