UK Business Closures Surge After Budget Hit to Employers

Bloomberg11-11

(Bloomberg) -- Company insolvencies are surging in the UK after the Labour government reduced tax breaks and increased levies for owners. At least 1,022 companies filed to shut down in the week ended ...

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The chancellor will also set out a plan to partner with the financial sector and reform pensions in an attempt to stoke economic growth.Some owners of solvent companies had already started winding up their firms ahead of the Oct. 30 budget, as Reeves was widely expected to hike taxes on wealth. In the event, she cut a tax break on capital gains known as business asset disposal relief. 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