Demand for advice from insolvency specialists in the region is growing in the face of tough trading conditions and despite an unexpected dip in business failures. Hayley Watson, R3 Eastern chair, said: “Despite a year-on-year decline in corporate insolvency numbers, the figures for this year are still higher than in 2022 and well above pre-pandemic levels. They have been driven by another year of high costs and a series of political, economic and geopolitical events which have taken a toll on businesses here in East Anglia and nationally. R3 members have told us that the election, the budget and the conflict in the Middle East have all led to increases in enquiries and requests for advice and support.” Insolvency Service figures show that corporate insolvencies fell by 5.1per cent to 23,872 last year, down from 25,163 in 2023. But they were still almost eight per cent higher than in 2022. Insolvencies in December were 14 per cent down on the month a year earlier. Retail, hospitality and construction have all been hard-hit over the past year. “Going forward, these are the sectors likely to be most affected by the chancellor’s planned increases in minimum wage, living wage and employers’ national insurance contributions,” added Hayley Watson.