Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 0°C

Search

Coastal towns including Great Yarmouth and Ipswich dominate personal bankruptcy list

PUBLISHED: 17:08 07 August 2017 | UPDATED: 14:38 08 August 2017

Seaside towns like Great Yarmouth have been found to have a higher than average rate of personal insolvency.  Picture: James Bass

Seaside towns like Great Yarmouth have been found to have a higher than average rate of personal insolvency. Picture: James Bass

Archant Norfolk © 2014

Coastal towns have dominated a list of the top areas for personal bankruptcies with Ipswich and Great Yarmouth featuring in the top 10.

Yarmouth was fifth and Ipswich ninth in the list of towns with the most personal insolvencies last year, said accountants Moore Stephens.

The firm said its research showed that coastal industries and tourism continued to decline.

Yarmouth had 38.1 insolvencies per 10,000 residents, compared with a national average of just under 20.

Ipswich had a rate of 34.8 bankruptcies per 10,000 residents.

The report said seaside tourist areas often lacked the economic diversity of bigger cities and were too reliant on low-spending domestic tourists for employment.

Many local entrepreneurs and educated young people are leaving traditional holiday destinations and moving to areas such as London, said Moore Stephens.

Spokesman Jeremy Willmont said: “Bankruptcy in the more rundown of the British seaside towns has become an epidemic.

“As seaside tourism declines, there is less chance for these areas to reinvent their image as exciting, vibrant places for business to thrive.

“High levels of debt show the underlying fragility of those economies and the low levels of accumulated wealth in these towns.”

An investigation is due to begin into the cause of a fire which broke out in a high rise block of flats in Ipswich.

At least two people have been injured in a blaze which broke out in a high rise block of flats in Ipswich this evening.

Police have officially stood down their response to an incident in central London.

Ipswich council’s executive is set to confirm the compulsory purchase of two homes in the town on Tuesday.

Two children witnessed a man committing a lewd act in an Ipswich park, police have revealed.

Witnesses are being sought after cash and jewellery were stolen during a daytime burglary in Capel St Mary.

Beloved family pet dog Toby, a four-year-old black sprocker spaniel, has been missing in the Kersey area of Suffolk for over a week.

Suffolk police are appealing for help from the public to find a missing Ipswich teenager.

Police have named a 23-year-old man from Ipswich who died in a crash in Long Melford on Wednesday.

Today is Black Friday, a day where shops across the country reduce their prices for 24-hours. We asked people in Ipswich what they thought of the Black Friday deals.

Most read

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24