LONDON, Dec 15 Reuters The number of companies in England and Wales declared insolvent in November was 21 higher than a year earlier, government figures showed on Friday, adding to the pattern of higher corporate failures as the Bank of England raises interest rates.

The Insolvency Service, a public body, said there were 2,466 registered company insolvencies during the month.

The BoE raised rates 14 times between December 2021 and August this year, taking Bank Rate from 0.1 to 5.25. On Thursday, the BoE kept borrowing costs at that level and said they would need to stay high for an extended period.

Reporting by William Schomberg; Editing by Alistair Smout

Source Reuters