This in from Nick Cosgrove from R3, the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners. Ed
The number of people entering insolvency on the Isle of Wight has dropped, but the area retains the highest rate in Hampshire.
New figures released by the Insolvency Service this month show the number of personal insolvencies has dropped steadily from a record high of 43.5 per adults in 2011 to 38 in 2012, and then to 33.9 in 2013.
IW, 19th in the UK
The Isle of Wight currently ranks joint 19th in the UK list of personal insolvency hotspots.
Andrew Watling, chairman of the Southern Committee of R3, the insolvency trade body, says that there is a trend of coastal and seaside areas having higher rates of personal insolvency. He said:
“The nature of the labour market in these places explains why personal insolvency is so prevalent: simply, unemployment is much higher than elsewhere or the available jobs are short-term or low-paid. Seaside towns are still reliant on the tourism sector, an unreliable generator of jobs and growth. This sector is often dependent on good weather and plenty of spare cash in people’s pockets, while jobs are usually low-paid and seasonal.”
Downward trend
The Isle of Wight follows the South East’s trend of a fall in personal insolvencies. The South East saw its rate fall from 21 per 10,000 adults in 2012 to 19 in 2013, putting it as the second best performing region in the country for personal insolvencies (behind London).
Among other local authorities in Hampshire to see their insolvency rate fall were Portsmouth and Southampton from 2012 to 2013.
Winchester lowest in Hants
Winchester retained its title as the local authority area with the lowest personal insolvency rate in Hampshire. The cathedral city’s figure now stands at 13.9 – significantly below the rate of 22.2 for England as a whole.
Graphed
