22 October 2019

Seaside towns dominate top 20 bankruptcy list

Seaside towns dominate top 20 bankruptcy list image

British seaside towns dominate a list of the top 20 places for bankruptcies in the UK.

A ranking of the areas with the most personal insolvencies, published by the accountants UHY Hacker Young, points to the economic problems faced by seaside towns.

Scarborough ranks second out of 347 local authorities in the UK for personal insolvencies in 2018, with 47.8 insolvencies per 10,000 adults, compared with the UK average of 25.

Torbay ranks third with 45.7 insolvencies per 10,000 adults. Plymouth and Blackpool rank fourth (45.2) and sixth (43.8) respectively.

Seaside towns are a long way from recovering from the decades of contraction in their traditional coastal industries such as tourism, ship-building and fishing, according to the accountants.

The weakness of seaside economies also mean more skilled young professionals are moving away from coastal towns leaving behind a population more heavily weighted with pensioners.

Peter Kubik, turnaround and recovery partner at UHY Hacker Young, commented: ‘People living in seaside towns continue to fall into bankruptcy as the coastal economy fails to keep up with the rest of the country.

‘Coastal towns such as Blackpool are clearly struggling to reinvent themselves and throw off their old image. Further investment is going to be needed to help these towns unlock their potential.

‘Increased funding from central Government, far in excess of the levels they are currently getting, could be key to tackling local economic decline in many of these areas. Many coastal areas are in need of further investment.’

SIGN UP
For your free daily news bulletin
Highways jobs

Social Worker - Assessment and Intervention

Essex County Council
Negotiable
Social Worker - Assessment and InterventionPermanent, Full Time£30,906 to £42,254 per annumLocation
Recuriter: Essex County Council

Residential Worker

The Royal Borough of Kensington & Chelsea Council
£25,833 - £29,796 per annum
You will be part of building a strong multidisciplinary team within our children’s home, Olive House, to provide a... Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

People Consultant

Essex County Council
£45500 - £48735 per annum
This position will initially, in line with current government guidance be based from home, with an expectation of being home based for the foreseeable England, Essex, Chelmsford
Recuriter: Essex County Council

Project Officer

London Borough of Richmond upon Thames and London Borough of Wandsworth
£36,219 to £43,887 per annum
Do you want an opportunity to stretch your skills delivering high profile development programmes across both Richmond and Wandsworth boroughs? London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Definitive Map Assistant

City of York Council
£20,422 to £21,552 per annum
The Council is highly committed to investing in the talent and wellbeing of our staff and can offer a generous annual leave allowance, access to... York, North Yorkshire
Recuriter: City of York Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue