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 - Early Interventions

Essex County Council
£32065 - £43839 per annum
Social Worker - Early Interventions Permanent, Full Time £32,065 - £43,839 per annum Location
Recuriter: Essex County Council

Social Worker - Local Linked Support Team

Essex County Council
£32065 - £43839 per annum
This is a full time fixed term contract for 12 month or a 12 month Secondment.About the RoleThis is a community-based role within the Harlow area. You England, Essex, Epping
Recuriter: Essex County Council

Property and Projects Lawyer

Brent Council
£43,860 - £49,827 p.a. inc.(pro rata)
The successful candidate will have the opportunity to supervise junior staff and deputise in the absence of the Senior Property Lawyer. Wembley, London (Greater)
Recuriter: Brent Council

Business Support Officer

Camden London Borough Council
£29,359
We have recently changed the way that we work so that we are more responsive to... Camden, London (Greater)
Recuriter: Camden London Borough Council

Accountancy and Business Change Manager

Royal Borough of Greenwich
£49.827 - £52.866
An opportunity has arisen within our Accountancy Business Partnership Service for an Accountancy Business Change Manager. Reporting Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

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