£300m insolvency bill

TAXPAYERS picked up a £298m bill for a wave of insolvencies last year, with payouts to redundant staff soaring to the highest level for five years.

The payout during 2018 represented a 31pc rise on a year earlier amid a downturn on the High Street which has seen thousands of shops closed. According to property advisory firm Altus Group, the number of insolvencies in the retail sector jumped by 9.5pc while insolvencies at restaurants, pubs and bars were up by 17.9pc.

Retailers have been struggling as more shoppers shun the High Street and go online instead.