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<p>Support schemes such as the CJRS and government-backed loans kept insolvencies
and business exits below normal levels throughout much of the pandemic.</p><p> </p><p>To
protect businesses from aggressive creditor action during Covid enforced restrictions
there was a temporary ban on Winding Up Petitions (WUP) for Covid-19-related debt.
As the economy returns to normal trading conditions, it is right that creditor powers
are restored.</p><p> </p><p>Insolvencies returned to pre-covid levels in September
2021, coinciding with the end of the WUP ban. It is too early to assess the full impact
of support ending on business consolidation as some support schemes, such as the rent
moratorium, are still in place.</p><p> </p><p>Vacancy levels are higher than normal.
As a result, we expect that the employment rate should remain relatively stable in
the face of business exits and consolidation in 2022-23.</p>
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