Hundreds of businesses in West Oxfordshire 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 525 businesses in West Oxfordshire ceased trading in 2022 – up from 460 the year before.

Some 5,895 businesses were active last year, meaning the 'business death rate' – the percentage of businesses that closed – has risen to 8.9 per cent.

This is above the 'business birth rate' – the percentage of businesses that began trading – of 8.4 per cent, with around 495 created last year.