Accountancy firm forecasts there will be a total of 600 insolvencies through 2023, up from 568 insolvencies before the onset of the pandemic in 2019

Business failure rates were running at 15 per 10,000 firms in the last 12 months  — the lowest for 17 years — but have increased in the first three months this year.

Most small firms will get through the financial stress from the Covid-19 crisis but many will continue to struggle, while a fifth of SMEs will face acute stress, according to an analysis.