Norman Lamb says, "Company insolvency figures show need for Government to address business support."

10.03.42am GMT Mon 7th Nov 2005

According to new Government figures 1531 companies were placed in compulsory liquidation in the third quarter of 2005, an increase of nearly 36% compared to the same quarter last year. In addition, in the same quarter 2,977 companies have issued winding up petitions - an increase of 17%. Responding to the figures, Norman Lamb, Liberal Democrat Shadow Trade and Industry Secretary and MP for North Norfolk, said:

"These figures make disturbing reading particularly coupled with the statistics showing large increases in individual insolvencies.

"With consumer confidence at its lowest since March 2003, and our companies still struggling to cope with high energy prices and excessive levels of red tape, the Government needs to address how to best reverse these trends."