View of Canary Wharf business district behind branches at dusk in London, Britain March 9, 2021. REUTERS/Peter CziborraRegister now for FREE unlimited access to Reuters.comLONDON, Aug 2 (Reuters) - The number of companies filing for voluntary liquidations in England and Wales hit a record high in the second quarter of this year as businesses struggled without the support available to them during the COVID-19 pandemic, data showed on Tuesday.Total company insolvencies surged by 81% compared with the April-June period last year, the bulk of them creditors' voluntary liquidations (CVLs) which were the highest since records began in 1960, the government's Insolvency Service said.Total company insolvencies were 13% higher than in the January-March quarter.Register now for FREE unlimited access to Reuters.comBritain's economy is struggling under the strain of nearly double-digit inflation which is expected to rise further when energy prices jump again later this year.The combination of recession risks and high inflation poses a dilemma for the Bank of England. It is set to raise interest rates for the sixth time since December on Thursday, possibly by half a percentage point which would be its biggest hike since 1995."Companies will need ensure they adapt quickly in order to safeguard their long-term survival during what looks to be a tough autumn, where lower growth, tighter capital and market volatility are likely to be the norm," Samantha Keen, a partner at consultancy firm EY-Parthenon, said.The number of compulsory liquidations rose by 9% in the second quarter and was nearly four times higher than a year earlier but remained lower than levels seen before the pandemic.Register now for FREE unlimited access to Reuters.comReporting by Farouq Suleiman
Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.
Voluntary liquidations hit record high in England and Wales.