The latest Begbies Traynor Red Flag Alert report paints a worrying picture for UK businesses as nearly 40,000 companies are revealed to be in a critical financial situation.

These pressures are now clearly being seen beyond consumer facing sectors and are becoming widespread, particularly within the construction and property sectors.

With many companies accustomed to years of near zero interest rates and access to government-backed Covid support loans, the new world of elevated interest rates will continue to push many businesses to the very edge of failure.