The number of firms in England and Wales going bust last month rose by 16 percent year-on-year, the British government agency Insolvency Service figures showed on Tuesday. Commentators said the 2,191 company insolvencies in July showed how many businesses were still recovering from the impact of high inflation and borrowing costs despite growing optimism about the UK's economic outlook. The figure was 7 percent down on June's total, but insolvency levels remain much higher than those seen during both the COVID-19 pandemic and in the years following the 2008/09 financial crisis, officials said. The seasonally adjusted figures, from the Insolvency Service and Companies House, include 320 compulsory liquidations, the highest monthly total since before the pandemic. Meanwhile, individual insolvencies rose by 24 percent year-on-year in July, separate official figures showed on Tuesday. The total of 10,524 was similar to June's figure, and included 634 bankruptcies, 4,163 debt relief orders and 5,727 individu al voluntary arrangements. However, levels remain below those seen during the pandemic. Source: Kuwait News Agency