Search

Seaside towns – including one in Norfolk – dominate list of top areas for personal insolvencies

PUBLISHED: 09:28 26 March 2018 | UPDATED: 17:12 26 March 2018

Marine Parade in Great Yarmouth.

Picture: James Bass

Marine Parade in Great Yarmouth. Picture: James Bass

Archant Norfolk © 2015

A Norfolk seaside town has been named as one of the UK’s top areas for personal insolvencies in a new study.

Great Yarmouth and other coastal communities including Scarborough, Whitby, Torquay and the Isle of Wight were said to be struggling to recover from decades of decline in coastal industries and the growth of overseas holidays.

Research among almost 600 parliamentary constituencies by accountancy firm Moore Stephens placed Plymouth Moor View at the top, with 47 insolvencies per 10,000 population, compared with a national average of around 20.

The report said seasonal tourism was being hit by increasingly cheaper flights and package holidays.

Jeremy Willmont of Moore Stephens said: “Personal debt in many British seaside towns shows no sign of improving.

“Seaside areas now come with a handicap that they are struggling to shake off. People living in these towns continue to fall into insolvency as the coastal economy fails to keep up with the rest of the country.”

However, recent studies show tourism is worth £591m a year to the Great Yarmouth economy, employing a third of all workers in the town. In November, the industry was boosted by funding in the Budget for a third river crossing.

Other News

Yesterday, 18:07

An historic Great Yarmouth housing estate is in line for a multi-million pound makeover which will improve housing for more than 1,000 people and hopefully build new homes for a few more.

Yesterday, 17:05

Business owners have warned that people are too scared to go onto a town centre street amid fears of a rise in violence at weekends.

Yesterday, 17:01

American Football used cheerleaders, cricket turned to T20, and football had the short-lived Golden Goal.

They are two coastal towns that have evolved in recent years into trendy haunts throughout the summer months.

Most Read

Yesterday, 17:05

Business owners have warned that people are too scared to go onto a town centre street amid fears of a rise in violence at weekends.

Read more
Twitter
Mon, 12:33

A road rage incident in Great Yarmouth saw a man leave his car and try and get into another driver’s car when it was stopped at traffic lights.

Read more
Mon, 15:17

A woman who was wanted by police on recall to prison has been found in Great Yarmouth.

Read more
Norfolk Police
Yesterday, 07:17

A woman thought she was going to die as her ex-partner stamped on her head twice and broke her nose, a court heard.

Read more
Norwich Crown Court
Mon, 17:24

Emergency services were called to Great Yarmouth town centre after a disused lamp post caught fire on Monday afternoon.

Read more
Rescue Service

Local Weather

Sunshine and Showers

Sunshine and Showers

max temp: 8°C

min temp: 7°C

Show Job Lists

Digital Edition

cover

Enjoy the Great
Yarmouth Mercury

e-edition today

Subscribe

Newsletter Sign Up

Great Yarmouth Mercury weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy