More than 1,000 businesses in Slough shut their doors for good in 2022, new figures show.

It comes as the Office for National Statistics revealed the number of business 'deaths' and 'birth rates' around the country.

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 1,070 businesses in Slough ceased trading in 2022 – up from 1,015 the year before.

Some 7,405 businesses were active last year, meaning the 'business death rate' – the percentage of businesses that closed – has risen to 14.4 per cent.

This is above the 'business birth rate' – the percentage of businesses that began trading – of 12.8 per cent, with around 950 created last year.

Across Slough, many businesses have been packing up in the town centre with uncertainty around the future of Queensmere and Observatory Shopping Centre adding to businesses concerns in the current climate.

In the most recent statement about the development, Slough Borough Council said: “ADIA are reviewing how to deliver the scheme for which they have, in principal, planning permission in light of the current economic situation.

“The council is in ongoing dialogue with ADIA and is pressing them to bring the scheme forward as proposed or to set out an alternative approach.

“The redevelopment of Slough High Street is a key priority for the council and we will use all available means at our disposal to achieve this.”

Outside of the centre, 2022 saw big brands such as Empire Cinema, Sainsbury's, Nationwide and Argos leave the town.

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.