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Coastal towns have highest personal insolvencies

SEASIDE towns dominate a list of areas with the highest levels of personal insolvencies in Britain last year.

A study by accountancy group UHY Hacker Young suggests that seaside towns are a long way from recovering from the decades of contraction in traditional industries such as tourism, ship-building and fishing.

The top 10 includes Scarborough, Torbay, Plymouth, Hull and Blackpool although Stoke tops the list, with 51 personal insolvencies per 10,000 adults.

UHY Hacker Young says the collapse in sterling and resulting increase in “staycation” holidays had had little tangible impact on traditional British holiday destinations such as Scarborough and Blackpool.

“Coastal towns outside of south-east England have struggled to replace their traditional industries with faster growth sectors such as financial services and technology.

“With a few exceptions, most of the poorer performing seaside towns lack universities — making them less attractive destinations for businesses looking for a highly skilled workforce,” the report says.

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