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The cost of winding up small businesses will increase considerably from March as a result of new legislation.

The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice.

Companies which could have been rescued face the prospect of closure and unnecessary job losses because of a Government refusal to introduce new laws.

Portugal’s borrowing costs declined at a successful auction of €1.5bn of shorter-term government debt.

Government proposals to overhaul the pre-pack insolvency sales process have now been dropped, to the dismay of business bodies.

At the recent CBI Conference, 70pc of business leaders polled claimed that prospects have grown bleaker given the recent European crisis.

Millions of consumers face years of debts from “Dangerous Borrowing Rate” and hidden charges on store cards, Which? Money has warned.

Public sector workers planning to strike later this month could cost the economy at least £100 Million experts have warned.

That was the finding of a survey conducted by the think-tank, the Centre for Economic and Business Research (CEBR).

Experian has reported a massive 100% increase in the level of borrowing amongst high income families in their 30s and 40s over the past three years, with many citing the rising cost of living as the main cause.