“Britain’s seaside towns are now hotspots for bankruptcy lawyers – with people in coastal resorts becoming insolvent far faster than anywhere else.
Seaside towns dominate a list of the top areas of the country for personal insolvencies, a new study shows. The Isle of Wight, Great Yarmouth, Scarborough, Whitby and Torquay 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. “At this point, debt in the UK’s coastal towns seems to have entered something of a downward cycle.
“As the economy along the coast declines, unemployment worsens. This may result in many more highly educated millennials relocating to larger cities, deterring new employers from relocating to the area.”