Insolvency Crisis Hits East Lancashire
Insolvency Crisis Hits East Lancashire East Lancashire has a long industrial history, dating back to the Industrial Revolution. The region once had a thriving textile industry, which employed thousands of people. However, the textile industry declined in the latter half of the 20th century, and many jobs were lost. In recent years, East Lancashire has seen a shift towards a more diversified economy. The region is now home to several different industries, including manufacturing, engineering, and healthcare, alongside a growing service sector. The typical economic landscape of East Lancashire is one of mixed prosperity. Some areas are doing well, while others are struggling. However, in recent years the region has seen a spike in the unemployment rate, and many people are now struggling and living in poverty. According to a new analysis of business insolvencies, the number of firms going into liquidation annually in East Lancashire has increased by 91% between 2019 and 2022 with a ...