A report has found there has been a 114.3% increase in business insolvencies in Northern Ireland since the Brexit vote (PA/Stefan Rousseau)

Northern Ireland has seen the largest increase in business insolvencies in the UK since the vote to leave the EU, according to a new report.

The study, carried out by UK credit check specialist Creditsafe, reveals that the number of firms that have gone out of business here since the Brexit referendum result has increased by 114.3% on an annual basis.

Creditsafe's UK Insolvency Index, which compares the number of firms going bust in different parts of the UK in 2016/17 and 2018/19, shows that Northern Ireland is currently top of the poll.

In Greater London business insolvencies rose by 103% and in Yorkshire and Humberside business failures rose by 82.4%

The figures show the rate of insolvencies across the UK in general has increased over the last three years.

However, figures recently published by the Northern Ireland Statistics and Research Agency (NISRA) last week revealed that the total number of businesses in Northern Ireland increased by 1,430 in a year.

NISRA released the latest count of VAT and PAYE- registered firms here in 2019. It found a 1.9% increase to 75,490 from 2018, representing the fourth consecutive year of growth.

It followed a sustained period of decline between 2008 and 2014. The biggest increase in 2019 was in the construction sector, with 300 extra businesses on the register, bringing the total to 10,515. There were also 235 new businesses in the agriculture, forestry and fishing industries.

Derry City and Strabane saw the biggest rise in 2019 (2.7%), while Newry, Mourne and Down saw the largest actual increase with 225 more businesses.

Of the 75,490 businesses operating in 2019, 2.5% were not locally-owned.

However, these companies accounted for almost a quarter (24%) of all employees.

Belfast Telegraph