The number of companies in England and Wales declared insolvent in November was 21% higher than a year earlier, government figures showed on Friday, adding to the pattern of higher corporate failures as the Bank of England raises interest rates.

The Insolvency Service, a public body, said there were 2,466 registered company insolvencies during the month.

The BoE raised rates 14 times between December 2021 and August this year, taking Bank Rate from 0.1% to 5.25%. On Thursday, the BoE kept borrowing costs at that level and said they would need to stay high for an extended period.

(Reporting by William Schomberg; Editing by Alistair Smout)