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
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.