Philip Hammond has stressed the rise in bankruptcies is the “price of Gordon Brown’s Age of Irresponsibility”.
The latest bankruptcy figures from the Ministry of Justice show that the number of people facing bankruptcy rose by 7% in the third quarter of the year compared to the same period a year ago.
Meanwhile, the number of 'winding up petitions' from businesses rose by 13% compared with last year.
Philip, the Shadow Chief Secretary to the Treasury, said, “Now the debt bubble has burst, thousands of businesses and individuals are finding they can no longer make ends meet.”
And he called on the Government to implement our proposals for reforming company insolvency law, capping excessive storecard interest rates, and setting up an independent national financial advice service.