Blackpool's insolvency rate is 10th worst

Blackpool's insolvency rate is the country's 10th highest
Blackpool's insolvency rate is the country's 10th highest

Blackpool has the tenth highest insolvency rate in the country according to new figures which showed a rise nationally for the first time since 2007.

Seaside towns continued to be personal insolvency hotspots in 2016, while the lowest rates were in parts of London and the South East.

Torbay, Blackpool, Scarborough and Plymouth were among the areas with the highest personal insolvency rates last year, figures from the Insolvency Service show.

Blackpool’s insolvency rate was 34.6 pre 10,000 adults.

Fylde had a rate of 18.4 per 10,000, Wyre’s was 21.4, while Preston had a rate of 27.7 and South Ribble 18.4. Lancaster’s rate was 18.3, West Lancashire’s 24.1 and the Ribble Valley’s was 16.4.

Mark Sands, chairman of trade association R3’s personal insolvency committee, said the latest figures “follow a very established pattern”.

He said: “Insolvency rates are typically highest on the coast, in places where major industries have declined, and in the North East, where these two factors are often combined.

“The regional contrasts between places like the South East and elsewhere are sharp.

“Coastal towns often have lower wages and higher levels of unemployment.

“The dominance of the tourist trade means available jobs are often low paid, part-time, or seasonal. This makes personal finances vulnerable to short-term shocks.”

Torbay had the highest rate nationally at 43, followed by Stoke at 42.5. Epson and Ewell had the country’s lowest rate at 9.3. City of London 6.1 and Harrow 8.3 had the lowest rates.