New figures published by the Insolvency Services have shown that there is now a record 58 bankruptcies in Wales every week.
Jenny Willott, the Welsh Liberal Democrat MP for Cardiff Central, said:
“These figures show that the full impact of the real recession is only now being felt in Wales.
“The government’s official figures show that we are experiencing economic growth again. But these bankruptcies indicate that the full pain of the recession is only now being felt.
“Many businesses have struggled along hoping to see out the recession, but the ongoing strain is proving too much for many.
“The government has no room for complacency. Labour must do everything it can to ensure that struggling families and companies in Wales have as much support as possible through this difficult time.
“The best way to support people through this period is to cut their tax bill. The Lib Dems would cut income tax for over 1 million people in Wales if we were in government.”
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