Personal Insolvency, CorbyCorby in Northamptonshire is in the top 10 local authorities with the highest individual insolvency rates, figures from the Insolvency Service have revealed.

Other areas noted include many seaside resorts, including Torbay, Blackpool and Scarborough, which is indicative of the nature of the labour market in those places. Higher levels of unemployment and seasonal or low-paid jobs are among the contributing factors.

Gavin Bates, Director of PBC Business Recovery and Insolvency, said: “While the ‘seaside’ influence clearly doesn’t apply in Corby, it is true that it is still a very poor area.  Residents are often moving in and out of employment or else are struggling to make ends meet on the minimum wage. This can lead to spiralling levels of debt, exacerbated by unforeseen events, such as redundancy, or unexpected expenses, for example, car or boiler breakdowns, which require individuals to borrow money which they can ill-afford.”

Data from HM Revenue and Customers, which was analysed by ManpowerGroup UK, showed that Corby is near the bottom of the East Midlands ‘pay league’, with average earnings in the region falling by 0.2 percent in 2014, compare to a 0.6 percent increase recorded across the UK as a whole.

Many measures and initiatives have been introduced in recent times to boost the area including Growing Corby, which provides support to new and established businesses in the area.

 

For full details visit: https://www.gov.uk/government/statistics/insolvency-statistics-individual-insolvencies-by-location-age-and-gender-england-and-wales-2014