Almost 2,000 businesses in Bolton shut their doors for good last year, a slight increase from the previous 12 months.

Office for National Statistics figures show around 1,895 businesses in Bolton ceased trading in 2022 – up from 1,845 the year before.

Some 12,015 businesses were active last year, meaning the "business death rate" – the percentage of businesses that closed – has risen to 15.8 per cent.

This is above the "business birth rate" – the percentage of businesses that began trading – of 12.8 per cent, with around 1,535 created last year.

A council spokesperson said: “This is a challenging time for businesses across the UK with companies of all sizes struggling with the aftermath of the pandemic and the impact of the rising cost of living on consumer spending.

“Business rates are set by the national government, but locally the council offers support and advice to existing companies or anyone looking to get started.

“Our Business Bolton service works with organisations across Greater Manchester to offer networking opportunities, skills advice, tips on growing a business, and much more.”

The new figures come as more UK businesses closed since records began in 2002, surpassing the number of new start-ups founded for the first year since 2010.

In his Autumn Statement, Chancellor Jeremy Hunt announced a range of tax cuts to aid businesses.

This included making a tax break allowing firms to cut their bills if they invest in new equipment permanent, in what he claimed was the "biggest business tax cut in modern history".

Think tank the Institute for Public Policy Research said the rising number of closing businesses is a "potential warning sign for the British economy", blaming high energy costs and the end of coronavirus pandemic support schemes.

Dr George Dibb, head of the IPPR's Centre for Economic Justice, said: "The new data is a potential warning sign for the British economy with more companies going out of business than started up for the first time in 2022 since the tail end of the financial crisis.

"While this isn't unexpected – high energy costs combined with the end of pandemic support schemes would always see a rise in company closures – it might signify that greater business support would have maintained higher economic activity."

Mr Hunt also announced the standard multiplier for rates on high-value properties will increase in line with inflation, while the small business multiplier will freeze for a further year.

The 75 per cent business rates discount for retail, hospitality and leisure will also be extended for another year.

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