The insolvency service is coming to an end of its five-year plan and a new plan is being announced for 2025-2026.
The Annual Report and Accounts show that Insolvency Service Official Receivers handled 10,817 new insolvency cases during 2024-25.
This has resulted in a return of £57.5 million to the economy through distributions to creditors and debtors.
The service said:
Priorities for the year ahead include supporting businesses and citizens, delivering against the Government’s number one mission to kickstart economic growth, delivering economic stability and improve prosperity in the UK; with a regulatory regime that is fit for purpose and achieves value for money to the taxpayer.
“Our current strategy aimed to improve the customer experience, modernise our technology and ensure the insolvency and enforcement regimes deliver for our stakeholders and the economy. We will continue our partnership working with HMRC and Companies House to tackle harm and identify and disrupt illegal activity such as money laundering. We will work with stakeholders to develop reforms that will modernise the personal insolvency regime and improve access to appropriate debt relief for people in financial distress.”
New long-term plans will be announced in early 2026.
Meanwhile a trade deal has been announced between the UK and India.
UK cars and whisky will be cheaper to export to India and Indian textiles and jewellery cheaper to export to the UK under the agreement.
The deal took three years to reachand also commits to a new India-UK plan to tackle illegal migration.
Sir Keir Starmer said the UK-India agreement was “the biggest and most economically significant” trade deal Britain has made since Brexit.
The UK government says the deal – announced in May after years of negotiations – will boost the British economy by £4.8bn a year.
The agreement includes lower tariffs on:
- clothing and shoes
- cars
- food, including frozen prawns
- jewellery and gems
The government also emphasised the benefit to economic growth and job creation from UK firms expanding exports to India.
UK exports that will see levies fall include:
- gin and whisky
aerospace, electricals and medical devices
- cosmetics
- lamb, salmon, chocolates and biscuits
- luxury cars
The UK already imports £11bn in goods from India but the lower tariffs agreed will make Indian exports cheaper, including for components used in advanced manufacturing.