Seaside towns dominate this year’s rankings for the areas with the highest levels of personal insolvencies in the UK (year-end December 31 2018), according to research by accountant UHY Hacker Young.
Stoke-on-Trent took the top spot for the highest personal insolvencies in the UK, recording 51.4 insolvencies per 10,000 adults in 2018 followed by Scarborough, Torbay and Plymouth fourth.
Blackpool ranked sixth, Great Yarmouth 14 and Cornwall 17.
The data suggests that these seaside towns are still a long way from recovering from the decades of contraction in their traditional coastal industries such as tourism, ship-building and fishing and are crying out for investment.
Peter Kubik, turnaround and recovery partner at UHY Hacker Young’s London office, says: “People living in seaside towns continue to fall into bankruptcy as the coastal economy fails to keep up with the rest of the country.
“Coastal towns such as Blackpool are clearly struggling to reinvent themselves and throw off their old image. Further investment is going to be needed to help these towns unlock their potential.
“Increased funding from central government, far in excess of the levels they are currently getting, could be key to tackling local economic decline in many of these areas. Many coastal areas are in need of further investment.”