BUSINESS failures in the region are rocketing, according to latest figures.

So far this year there has been a rise of more than 19 per cent in the number of firms going to the wall.

Between January and September, 1998, there were 3,057 failures but that figure rose to 3,644 this year.

The North West rise compares to an average increase of just over 13 per cent.

"This is a disappointing increase," said Philip Mellor of Dun & Bradstreet which compiled the survey.

"Although there has been a rise in business confidence amongst almost all sectors of the economy these figures illustrate the downside of the very tight profit margins under which many companies are having to operate.

"We had hoped the rate of business failure would slow down as it did in the second quarter of this year."

Small businesses have been failing at a much faster rate than larger business.

Worst-hit areas of the country are Wales and the East Midlands but in London the rate of business failures actually fell.

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