Shay Bannon, head of business restructuring at accountants BDO Stoy Hayward, predicts a rise in business insolvencies in England and Wales of 25% or more next year, with over 20, 000 firms going to the wall.

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"The deteriorating economy and expectations of a drawn-out recession has led to a downward revision in the UK outlook and has severely impacted the survival rate of UK businesses, " said Shay Bannon, head of business restructuring at BDO Stoy Hayward.

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