Hundreds of businesses in Bracknell Forest shut their doors for good in 2022, new figures show.

It comes as more UK businesses closed since records began in 2002, surpassing the number of new start-ups founded for the first year since 2010.

In his autumn statement, Chancellor Jeremy Hunt announced a range of tax cuts to aid businesses.

This included making a tax break allowing firms to cut their bills if they invest in new equipment permanent, in what he claimed was the "biggest business tax cut in modern history".

Think tank the Institute for Public Policy Research said the rising number of closing businesses is a "potential warning sign for the British economy", blaming high energy costs and the end of coronavirus pandemic support schemes.

Office for National Statistics figures show around 565 businesses in Bracknell Forest ceased trading in 2022 – up from 560 the year before.

Some 5,040 businesses were active last year, meaning the 'business death rate' – the percentage of businesses that closed – has risen to 11.2 per cent.

This is above the 'business birth rate' – the percentage of businesses that began trading – of 10.3 per cent, with around 520 created last year.

It is currently unknown what the picture is for Bracknell in 2023, however a handful of businesses have been shuttered, including the likes of Argos, Paperchase and Prezzo.

The hit to the The Lexicon comes as many companies are struggling to continue serving the high street while the demand for online shopping soars.

Responding to store closures in 2023, a spokesperson for The Lexicon said: "All shopping destinations see changes in their store line-up and we are sorry that Plush and Paperchase have recently closed their stores.

"The Lexicon attracts a lot of interest from a range of national and international brands and we are always in discussion with potential new arrivals, and we expect to be able to announce more brands joining our line-up soon.” 

Dr George Dibb, head of the IPPR's Centre for Economic Justice, said: "Today's new data is a potential warning sign for the British economy with more companies going out of business than started up for the first time in 2022 since the tail end of the financial crisis.

"Whilst this isn't unexpected – high energy costs combined with the end of pandemic support schemes would always see a rise in company closures – it might signify that greater business support would have maintained higher economic activity."

It is unknown what the picture of 2023 is yet, however this year has seen many big chains such as Wilko and Paperchase close shops while banks have been dialling back their local offering.