Business insolvencies down 17%

According to the information services company, 1,635 UK businesses failed last month, down from 1,976 insolvencies recorded in October 2009. The result means an insolvency rate of 0.08% of the business population in October 2010.

All regions saw year-on-year falls in insolvency rates, with Scotland being the region with the lowest rate of insolvencies - 0.05%.

Yorkshire and the North east - the regions with the highest insolvency rate in October 2009 - saw the biggest improvement. In the North East 0.11% of businesses failed in October 2010, compared to 0.14% in October 2009, while Yorkshire saw rates decline from 0.15% to 0.07%.

Max Firth, managing principal of pH, an Experian company, said: "It is encouraging that the business population in general is faring better in terms of insolvencies than this time last year, despite mid-market failures increasing in October."