Rolling coverage of the latest economic and financial news, including Rachel Reeves’s Mais lecture at Bayes Business School in London
The number of people in England and Wales falling into insolvency has jumped.
There were 11,609 individual insolvencies registered in England and Wales in February, the Insolvency Service has reported this morning. This was 18% higher than in February 2025 and 6% higher than in January 2026.
The individual insolvencies consisted of 768 bankruptcies, 4,210 debt relief orders (DROs) and 6,631 individual voluntary arrangements (IVAs). The number of DROs in February 2026 was a record high in the monthly time series going back to their introduction in 2009, exceeding the previous high of 4,185 in August 2025.
The number of IVAs was higher than both January 2026 and the 2025 monthly average. Bankruptcies were 25% higher than in February 2025, although numbers were affected by the clearing of a backlog following the Insolvency Service moving to a new case management system.
Average 2-year fix has risen from 4.83% at the start of March to 5.28% today. It’s highest since April 2025.
Average 5-year fix has risen from 4.95% at the start of March to 5.32% today. It’s highest since February 2025.
“War in the Middle East has added almost £800 to a typical annual mortgage bill in just two weeks, which will be unwelcome news for anyone currently seeking a fixed rate deal.
“The average two-year fixed rate has jumped from 4.83% at the start of March to 5.28% today – its highest level since April 2025. The average five-year fix has risen from 4.95% to 5.32%, now at its highest since February 2025. For a borrower with a £250,000 mortgage over 25 years, that equates to paying £788 more per year on a two-year fix, or £651 more on a five-year deal compared to just a fortnight ago.
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Source link : https://www.theguardian.com/business/live/2026/mar/17/rachel-reeves-mais-lecture-ai-adoption-deeper-eu-ties-regional-growth-business-live-news-updates
Author : Graeme Wearden
Publish date : 2026-03-17 13:52:00
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