Manchester insolvency advice demand is getting closer to the national average, indicating that the city’s financial security is not improving as fast as other parts of England and Wales.
In the latest regional statistics from the Insolvency Service, Manchester had an overall individual insolvency rate of 22.8 people per 10,000 of the adult population in 2012.
This compares with an England-Wales (EW) average of 24.5 people – 1.7 more than in Manchester.
However, this compares with 2009-10, when Manchester’s insolvency rate stood at 23.5 and 23.7 people respectively – 7.4 and 7.0 below the EW average in those years.
The data shows only once, 2006, when Manchester insolvency advice demand passed above the EW average, at 27 vs. 25.4 people per 10,000.
In terms of advice on bankruptcy, the gap is also narrowing, although both the city and the country as a whole are showing steady improvement.
During 2012, 6 per 10,000 Manchester residents entered into bankruptcy orders, compared with 7.1 in the EW average.
This compares with a much wider gap of 12 per 10,000 in Manchester vs. 17.2 in EW in 2009, indicating that 5.2 per 10,000 people fewer saw their advice on bankruptcy lead to a formal bankruptcy order in the city than in the country as a whole in that year.