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BUSINESS failures in East Anglia have rocketed by more than 20 per cent, a study has found.

Experian, an information services company, said the number of companies that failed in the first three months of this year has risen by 22.6 per cent on the same period last year - from 115 failures to 141 in 2008.

The region is among the worst affected in the country, alongside the north west, Yorkshire and the north east.

Experian said the credit crunch is creating a "nervousness in the economy", with failures "gathering pace" across all industry sectors.

Nationally, the business services sector has been hardest hit, with 1,061 failures, ten per cent more than the same period last year.

Of the 34 sectors monitored, agriculture, banking, property, hiring and leasing, food retail, and textiles and clothing have seen the largest number of companies fold.

Voluntary liquidations were up 14 per cent, with companies given administration orders up 23 per cent nationally. UK-wide, 4,788 businesses failed, 374 more than in the same period in 2007.

Tony Pullen, managing director of Experian's business information division, said: "The message for businesses right across the board in this uncertain economic environment is clear.

"They need to exercise caution with regards to their risk exposure and the customers they choose to deal with."

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