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Buoyant travel demand over the summer has given the travel and tourism industry some much-needed respite in recent months. However, the outlook has already begun to soften as accelerating macroeconomic and geopolitical headwinds start to blunt the growth momentum.

The latest Begbies Traynor “Red Flag Alert” report, which has provided a snapshot of British corporate health for the past 15 years, paints a worrying picture for UK businesses as nearly 40,000 companies are revealed to be in a critical financial situation as the pressure of higher interest rates, resilient inflation and weaker consumer confidence take their toll.

British retail sales dropped more than expected in September, coinciding with the sharpest drop in consumer confidence in more than three years, snapping signs of a recovery in August.

With the ATO ramping up its collection activity following the trials and tribulations of the pandemic, the Personal Insolvency Agreement (“PIA”) appears to be returning.