The number of companies in Wales with outstanding invoices has risen to a new yearly high, with over 18,000 businesses owing money somewhere. The UK trade body R3 says that the figures show the fragile nature of the Welsh economy, and wants to see improvements soon.
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00:00Wales is home to thousands of small, medium and larger companies.
00:06They're in every part of our lives and provide jobs for millions of people all around the country.
00:11Welsh firms are an integral part of the Welsh economy,
00:15but Insolvency Trade Body fears that with a record number of unpaid invoices, it's in a fragile state.
00:21Findings from R3, the main train body for insolvency and business turnaround,
00:26shows that over 18,000 businesses in Wales had outstanding invoices on their books in September,
00:32which is an increase by almost 4% compared to the same time last year.
00:37Bethan Evans, R3's interim Welsh chairperson, says that the number has slowly increased since March
00:43and shows that economic recovery in Wales is much less stable than hoped.
00:47She says that in order for the Welsh economy to properly get back on track,
00:51businesses need to get a hold on finances and debt to make sure businesses in Wales survive in the long term.