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How the Democrats can win in 2028

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Kamala Harris and Joe Biden and their families wave to supporters from the stage

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In 2002, researchers looked at American social trends and found an “emerging Democratic majority”. The party has lost as many presidential elections since then as it has won. In 2019, when Britain’s Conservatives drew support from once-hostile industrial regions, serious people wondered if the Labour party would ever win again. It did. At the next election. By a landslide.

So yes, the electoral coalition that Donald Trump forged last week was sensational: almost Disraelian in its marriage of the overclass and the working class. But it won’t last. A grand “realignment” in politics takes very little to de-align nowadays. One bad candidate, plus the routine wear and tear of incumbency, can drown out whatever structural or demographic forces are supposedly afoot.

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I’d put a lot of money (for a journalist) on a Democratic president in 2028. The party is unlikely to mess up the candidacy so badly next time. Trump, who needn’t worry about re-election, is bound to over-reach in office. And the internal contradictions of a movement that spans Elon Musk and tip-dependent Nevada service staff will come out. Still, politics isn’t a Newton’s Cradle. Democrats can’t just sit back and watch the pendulum effect do all the work. The party must accept three difficult truths, and act.

First, Bidenomics was a political disaster from start to finish. And a foreseeable one. It began with the rhetoric. “Build Back Better” implied that pre-Covid America was miserable. In truth, what voters remembered of 2019 was a low-inflation economy that was in its tenth year of growth. (Why on earth not take the credit, given that Barack Obama presided over most of it?) From that misreading of the public mood, there followed the substance, which was even worse-judged. Biden’s spending bills were so huge as to be easy to blame for inflation, fairly or not.

In a country where one worker in 10 belongs to a union, so much of Bidenomics, from steel tariffs to support for Teamster pensions, favoured organised labour. To see the president join a picket line outside a car plant was powerful — or would have been in 1980. Of what relevance was it to, say, a mobile phone salesperson who does some gig work on the side? For all that conservatives suffer from nostalgia, it is the Democrats who cling to a view of working class life that seems half-guessed from John Mellencamp lyrics.

Also, just as not all non-white voters are cultural progressives, nor do all low-to-middle-income ones favour redistribution. There is a kind of Trump fan, often of recent immigrant background, that associates him with the very idea of enrichment and the Democrats with anti-aspirational statism. I would tell them that economic mobility tends to be higher in social democracies, but I am not trying to win votes in Arizona.

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Curbing Bidenomics will be simple compared to another change that Democrats must make. It is not enough to be non-woke. The Democrats have to be anti-woke. Kamala Harris said nothing that was culturally radical during the campaign — Trump had to use an old comment against her — but nor did she confront or disavow that movement. Upsetting the left on immigration won’t be hard for Democrats. (Obama was a prolific deporter.) But doing the same on policing, gender and other raw subjects will be, briefly, hell.

People don’t vote on culture, as such, but it colours their view of the Democrats as people. It is easier to paint them as indifferent to the cost of groceries if they are seen as generally out of touch. The party needn’t go back to some Dixiecrat version of itself. The median voter isn’t a snarling curtain-twitcher. Several states voted for abortion rights last week, including Montana and Missouri. This is not about undoing the 1960s or even the 1990s. It is about undoing elements of the last decade or so. If the Democrats would rather not, that is a principled stand, but the party should then expect the Trump realignment to bed down.

There is one more thing the Democrats must do, but before that, a point about analysis itself. The past week has been a spectacle of confirmation bias. People have attributed the election result to their prior obsession, whether that is economic inequality (Bernie Sanders), the madness of fielding an incumbent and an erratic speaker like Harris (me) or Trump’s cultivation of podcasters (podcasters).

One test of an analysis is whether it includes something that surprises and displeases the analyst. So here goes. Voters, or at least a decisive number of them, don’t care that much about the fate of democracy. A man tried his best to overturn a legitimate election result, and returned to power at the next time of asking. His party in the House of Representatives opposed the certification of the same result, and now stands to run both that chamber and the Senate.

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At best, the Democrats’ defence of institutions has no effect on the public. At worst, voters interpret it as a defence of a political class they despise. The party can still ensure that talk of a rightwing realignment ages as well as the “emerging Democratic majority”. But it will have to de-emphasise the constitution, the very rules of the game, knowing these to be the one fundamental subject of all. The last defence of the republic is to win.

janan.ganesh@ft.com

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Former SEC chair Jay Clayton tapped as Wall Street’s top cop

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Donald Trump will nominate Jay Clayton, the former head of the Securities and Exchange Commission, as US attorney for the Southern District of New York, one of the most prestigious prosecutorial posts with oversight of Wall Street.

“Jay is a highly respected business leader, counsel, and public servant,” Trump said in a post on his Truth Social platform on Thursday. He said Clayton had done “an incredible job” as SEC chair. 

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It was one of several nominations for top legal posts that Trump put forward on Thursday, as the president-election moves quickly to shape his new administration.

He picked Todd Blanche, a former federal prosecutor who was the president-elect’s defence attorney during this year’s “hush money” trial in New York, to be assistant attorney-general at the Department of Justice.

Trump also nominated Blanche’s co-counsel Emil Bove to the post of principal associate deputy attorney-general and acting deputy attorney-general, while Blanche is in process of being confirmed by the Senate.

John Sauer, who successfully argued for Trump in a case before the US Supreme Court over presidential immunity, was nominated as solicitor-general, which will put him at the front of the administration’s cases before the high court. Sauer was previously solicitor-general for the state of Missouri.

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The moves come a day after Trump nominated Matt Gaetz, the incendiary former Florida congressman who practised law briefly before joining Congress, as US attorney-general. That pick shook Washington’s legal community over concerns that Gaetz could, if confirmed, use law enforcement against the president-elect’s political opponents.

By contrast, the latest batch of nominations come from more conventional legal backgrounds. All have close ties to Trump.

During his tenure at the SEC Clayton, a veteran Wall Street lawyer, had sought to focus his enforcement agenda on cases linked to harm against retail investors, and oversaw a deregulatory drive aimed at making it easier for companies to raise capital.

Clayton, who is a senior policy adviser at law firm Sullivan & Cromwell and independent chair of Apollo Global Management’s board of directors, did not immediately respond to a request for comment.

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In recent years, under the leadership of US attorney Damian Williams, the Southern District of New York has won the convictions of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, and Archegos’ Bill Hwang, among other high-profile white collar criminals. 

If confirmed, Clayton would take over an office that is still prosecuting rapper Sean “Diddy” Combs, and Democratic New York mayor Eric Adams, who faces numerous corruption allegations.

Trump has expressed sympathy for Adams, saying he had been targeted by “lunatic” prosecutors. Adams, who maintains his innocence, has in turn been reluctant to criticise the president-elect.

While the US attorney for the Southern District of New York answers to the attorney-general, the office has a long history of acting relatively independently, at arm’s length from Washington.

It previously declined to prosecute Trump over campaign finance violations relating to his payments to pay off a porn actor in the run-up to the 2016 election, before the Manhattan district attorney decided to bring similar state charges.

Trump has not yet named his selection to run the SEC.

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Rachel Reeves pools £1.3trillion of pension savings in bid to boost investment in Britain and rip up financial red tape

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Rachel Reeves pools £1.3trillion of pension savings in bid to boost investment in Britain and rip up financial red tape

THE Chancellor last night attempted to win back the City with plans to create pension megafunds to boost investment in Britain and rip up financial red tape.

Just a fortnight after her Budget received a frosty reception, Rachel Reeves told businesses she was still “going for growth”.

Andrew Bailey, Governor of the Bank of England, last night agreed that the UK pension system had been 'too fragmented' to encourage 'investment in the real economy'

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Andrew Bailey, Governor of the Bank of England, last night agreed that the UK pension system had been ‘too fragmented’ to encourage ‘investment in the real economy’Credit: Getty

Ms Reeves wants to create her “megafunds” by pooling £1.3trillion of pension savings held by 86 separate local government schemes.

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She reckons this will create £80billion to invest in British businesses and infrastructure.

The Chancellor borrowed the idea from Canadian and Australian pension schemes, which bundle local government pension schemes together and invest their trillions of dollars in big assets with high growth and profit potential.

She hopes this will not only cut costs for pension schemes by reducing fees to advisers, but will also funnel greater investment into the country’s infrastructure — which is currently being snapped up by overseas pension funds.

READ MORE ON RACHEL REEVES

Canadian pension funds own swathes of British properties and utilities, and just this week bought the UK’s airport operator in a £1.5billion deal.

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Reeves’ idea is not a new one, but pension reform on this scale has not been tackled before.

Andrew Bailey, Governor of the Bank of England, last night agreed that the UK pension system had been “too fragmented” to encourage “investment in the real economy”.

In his speech last night he said the UK’s economic potential growth rate had fallen from 2.6 per cent between 1990 to 2008 to just 0.7 per cent, partly because of low productivity.

Tom Selby, public policy director at AJ Bell, said the megafunds must not forget their purpose to deliver good returns for pensioners.

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He said: “In the government’s increasingly desperate search for investment and growth, it is crucial savers and retirees are not forced to pay the price through sub-standard investment return.”

Martin Lewis issues warning for 700,000 workers as National Insurance hikes have ‘direct impact’ on take home pay

The Chancellor, who has said she wants to bring more stability and security to the financial system than the Conservatives, last night conceded it was time to take off the kid gloves.

She said that some of the rules and regulations brought in after the 2008 financial crisis to avoid another banking meltdown had “gone too far”.

Ms Reeves reckons some rules stifled investment.

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She added: “The UK has been regulating for risk, not regulating for growth.”

Rachel Reeves reckons her plan will create £80billion to invest in British businesses and infrastructure

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Rachel Reeves reckons her plan will create £80billion to invest in British businesses and infrastructureCredit: Getty

Firms feel left out after raid

LAST night was a Square Mile schmoozefest that few Brits or businesses could relate to.

As Reeves spoke of growth under chandeliers in the Lord Mayor’s house, shops, pubs and restaurants counted the cost of her £25billion tax raid.

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Retailers feel particularly sore for supporting Labour before the election to then be hit by National Insurance contributions. They also didn’t get business rates reforms.

 Altus Group analysis shows raising taxes on top properties to level the playing field with online retailers actually hits nearly three times more retail, leisure and hospitality firms than online businesses.

Reeves has to renew her charm offensive with firms outside of the City.

Trench warfare for Burb

BURBERRY shares rose yesterday after its new boss outlined an urgent turnaround — and blamed his predecessor for several fashion faux pas.

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Half-year results for Burberry fell by a fifth to £1.1billion in the last six months while it has swung to a £53million loss

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Half-year results for Burberry fell by a fifth to £1.1billion in the last six months while it has swung to a £53million lossCredit: Reuters

Half-year results for the brand fell by a fifth to £1.1billion in the last six months while it has swung to a £53million loss.

Joshua Schulman, who took over as CEO in July, said it was due to “poor decision execution and a lack of focus on core business”.

He also pointed the finger at former CEO Jonathan Akeroyd’s decision to hike handbag prices, when Burberry did not have the same clout as leather goods giants LVMH and Hermes.

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He said it will focus on its heritage of trench coats, which Thomas Burberry started in 1856 with waterproofs.

The US boss, who previously led Michael Kors and Coach, dismissed predictions that he would turn Burberry into similarly more affordable and mass-market brands.

New coal mine ban

THE government has banned any future new coal mining schemes as part of its Clean Power push.

It comes after the UK’s last coal-fired power station Ratcliffe-on-Soar shut last month.

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Coal mining powered Britain for 140 years but Labour wants to become reliant on green renewable energy by 2030.

Energy Minister Michael Shanks said: “The UK’s in prime position to lead the phasing out of coal power, the largest contributor to global emissions.”

Ices Gaza ‘gag’

ICE cream brand BEN & JERRY’S is suing its parent company Unilever, claiming it was silenced from speaking out in support of Palestinians.

It follows the former Unilever boss telling Ben & Jerry’s to stay out of geopolitics after it said it would stop supplying ice cream to the West Bank two years ago.

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The Phish Food maker now says attempts to speak out in support of a ceasefire were blocked, breaching the terms of its settlement in 2022. Unilever said it “rejects the claims and will defend its case.”


INVESTMENT firm London Capital & Finance was a Ponzi scheme, the High Court ruled. It raised about £237million from 11,600 ordinary investors before going bust in 2019.

It depended entirely on new investors paying existing ones, a judge said.


WHS shops fly

WH SMITH yesterday revealed it now makes five times as much profit from its travel network shops than its high street stores after a rapid expansion in US airports.

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The stationery retailer opened 100 new stores last year and is appealing to holidaymakers by selling more cosmetics, gadgets and food products.

It made £202million profit from its travel division compared to £39million from its high street stores in the past year. There are 90 more travel shops still to be opened.

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Liberty’s John Malone calls for media merger wave under Donald Trump

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John Malone

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John Malone, the pre-eminent dealmaker in the media and technology industry, is pressing for merger activity amid an anticipated rollback of regulations under the incoming administration of Donald Trump. 

Charter Communications, the cable television and broadband company that has just agreed to buy his Liberty Broadband, should be allowed to merge with rival cable operators Comcast, Cox or T-Mobile, the billionaire “cable cowboy” told investors on Thursday.

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“The idea that Charter should be limited to 30 per cent of the US terrestrial footprint while Big Tech has the globe, and even Elon [Musk] has the globe, is silly,” the Liberty Media chair said. “Tying an industry’s hands behind its back and allowing Big Tech to run wild in every direction that they choose to run in, I think is inappropriate.”

Malone’s pronouncement comes as mass media companies have struggled for years due to the disruption of linear television. Companies such as Warner Brothers Discovery have lost a huge share of their business to streaming services, leading to billions in writedowns and attempted mergers, like satellite TV provider DirectTV’s now-abandoned purchase of Dish.  

Trump’s anticipated dismissal of Federal Trade Commission chair Lina Khan and Department of Justice chief Jonathan Kanter has spurred hopes among media executives grappling with deflated share prices that tie-ups may escape harsh antitrust scrutiny. This is despite indications that the new White House administration is likely to continue strict enforcement of media deals.

David Zaslav, WBD’s chief executive, said earlier this month the new administration might offer a “change of pace” and an opportunity for a wave of consolidation.

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Malone’s comments came a day after he announced he would simplify his media empire by spinning off event ticketing company Live Nation and events specialist Quint from Liberty Media into a separate public company following a wave of legacy media companies looking to clean up their corporate structure amid a wave of anticipated dealmaking.

Last month, broadcaster Comcast said it was weighing a spinout of its cable networks.

The remaining Liberty Media will focus on sports, following its $8bn acquisition of Formula One in 2017. The 83-year-old Malone will step in as interim CEO after the departure of prolific dealmaker Greg Maffei, who said he would step down as CEO after nearly 20 years at the helm.

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I won £40million lotto jackpot but moved into a CARAVAN – then my girlfriend broke up with me & all hell broke loose

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I won £40million lotto jackpot but moved into a CARAVAN - then my girlfriend broke up with me & all hell broke loose

A LUCKY lotto winner scooped a whopping £40million jackpot before opting for van life and getting dumped.

Dad-of-two Gareth Bull, 53, scored his winnings in January 2012 after picking up the life-changing ticket on a whim.

Gareth won a whopping £40million in 2012 with his former wife Catherine

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Gareth won a whopping £40million in 2012 with his former wife Catherine
The builder decided to splash out on his own creation, a 6000sq ft dream house, but not before taking to van life

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The builder decided to splash out on his own creation, a 6000sq ft dream house, but not before taking to van lifeCredit: PA
The two-acre plot now has three bars, a pool, a lake, and large four-bedroom property

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The two-acre plot now has three bars, a pool, a lake, and large four-bedroom propertyCredit: PA

The former builder realised he’d won the multi-million pound jackpot the day after he’d bought the ticket and celebrated with his then wife Catherine.

Six-years on, he splurged some of his mammoth fortune on a bungalow in Mansfield, Nottinghamshire, only to have it knocked down and move into a caravan.

He said: “My friends said, ‘You’ve won £40,000,000 and moved into a caravan!’”

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When the bungalow was half demolished in 2019 Gareth lived in the remaining rooms so he could stay on site and look after the tools.

Gareth added: “When the rest of the bungalow had to be knocked down, I moved into a caravan on the building site – much to the amusement of my friends.”

Thankfully for Gareth, the move was only temporary as he was in the process of building his dream 6000sq ft house.

“Once I got the green light to go ahead, I started digging and just didn’t stop.”

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Despite being lucky in the lottery Gareth wasn’t as lucky in love, and split with his former wife in 2016, five years after their big win.

He then went on to have a whirlwind relationship with Tenerife bar manager Donna Desporte after they met on a stag do.

His wife was said to have spotted the pair in the background of a televised Anthony Joshua boxing match after they had split.

From reviving ‘dead’ pets to Ibiza benders and living in a caravan – how Lotto winners who scooped £194m splashed cash

Gareth and his new lover had a star-studded nine-month romance after he used the pick up line “Google me” which ended being the title of Donna’s memoir.

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Gareth then struck up a relationship with interior designer Victoria Melling, 48, around the same time he’d taken up caravan life.

After living in his trailer, Gareth was able to build his mega-mansion with the assistance of his new girlfriend.

The pair took to social media to share smitten snaps of couples holidays and luxury hotel stays.

Mum-of-one Victoria helped style the huge four-bedroom property during lockdown and stayed there frequently.

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Despite looking loved-up online, and Victoria describing her lavish lover as a “knight in shining armour,” the couple called it quits after two years of dating.

The Furnish Your Interior shop designer told MailOnline: “I did design his house and I helped design his villa in Tenerife, but we are no longer together.”

The million-pound property boasts a wave-controlled swimming pool, sound-sytems, hot tubs, and a three personalised bars.

He also created an artificial lake, which originally designed to be a pond but increased to the size of two tennis courts.

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The lucky punter added: “I called it ‘Lockdown Lake’, made a little sign with its name on it and invited anyone who needed to rehome their fish to bring them here.”

Ten lucky lotto winners

 MATT MYLES 

Matt Myles won £1,000,000 on April 8 2024. The factory worker immediately jumped on a plane to join a lads holiday he previously couldn’t afford. He now runs a property business and lives in Hereford with his wife and two kids.

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JULIE JEFFERY

Julie Jeffery won £1,038,997 in June 2002. She kept working as a fire station after her win and only retired this year.

SYLVIA 0DOLANT-SMITH

Sylvia Odolant-Smith won £10,000 a month for 30 years. She decided to pay for cancer treatment for her beloved rescue cant Phangan that she couldn’t previously afford. The cat’s life was extended by eight months.

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BRIAN SHARP

Brian Sharp won £2,003,705 in June 19 2010. The grandad-of-five purchased a five bedroom property five days after he won the jackpot. The former electrician worked for six weeks before his work could find a replacement.

BEN LOWTHER

Ben Lowther won £1,000,000 in October 2021. The video game developer won on a Friday and was made redundant the next Monday. He bought a house in Cambridge for his fiancée and three kids.

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LESLEY HIGGINS

Lesley Higgins won £57,975,367 on July 10 2018. The 63-year-old port worker now owns her very own loch after purchasing a 850-acre estate near Perth with her husband Fred.

VIV MOSS

Viv Moss won £6,048,499 on October 3. She and her husband moved to Newquay in Cornwall and bought an apartment overlooking her favourite bay.

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NATALI CUNLIFFE

Natalie Cunliffe won £1,000,000 in February 2016. After the scratch card win the event planner moved to Blackpool with her husband and two kids. Despite buying an Audi Q5 the couple still shops at Aldi.

ANNE CANAVAN

Anne Canavan won £1,054,000 on August 28 in 2015. She 63-year old grandma of five has written a children’s novel she hopes to publish and treated herself to a car.

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RAY WRAGG

Ray Wragg won £7,649,520 in January 2000. The philanthropist gave £5.5million of his Lotto jackpot to family, friends, hospitals and good causes in Sheffield.

Celebrity photographer Rankin brought together 30 jackpot winners for a photoshoot

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Celebrity photographer Rankin brought together 30 jackpot winners for a photoshootCredit: Rankin

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US money market funds hit all-time high of $6.67tn

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US money market funds hit all-time high of $6.67tn

US money market funds hit all-time high of $6.67tn

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Delivery firm backed by Martin Lewis goes bust owing almost £6million

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Delivery firm backed by Martin Lewis goes bust owing almost £6million

A DELIVERY firm backed by the founder of MoneySavingExpert.com, Martin Lewis, has gone bust, leaving shareholders millions of pounds out of pocket.

Magway Limited, an Ocado-backed tech firm that aimed to revolutionise UK deliveries with a network of pipes, has entered voluntary liquidation.

Shareholders, including Martin Lewis, the company's third-biggest investor, are set to lose over £5.7million

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Shareholders, including Martin Lewis, the company’s third-biggest investor, are set to lose over £5.7millionCredit: Alamy
Magway owes over £40,000 in taxes to HMRC and over £47,000 in arrears and holiday pay to employees, leaving just over £74,000 left in the bank

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Magway owes over £40,000 in taxes to HMRC and over £47,000 in arrears and holiday pay to employees, leaving just over £74,000 left in the bankCredit: Magway Limited

Voluntary liquidation is when a company’s directors or shareholders decide to wind up and dissolve the company’s affairs. 

Founded in 2017 by Rupert Cruise, an engineer involved in Elon Musk‘s Hyperloop project, and business expert Phill Davies, the UK startup Magway Limited aimed to revolutionise the freight delivery system. 

Shareholders, including Martin Lewis, the company’s third-biggest investor, are set to lose over £5.7million. 

However, the grand vision has crumbled, and Magway Limited has now appointed liquidators, as first reported by The Grocer.

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The company envisioned transporting goods in pods through new and existing 90cm diameter underground and overground pipes, reducing road congestion and air pollution.

The initial route was planned between Ocado‘s sites in Hatfield and Park Royal, west London, with additional routes intended to link UK airports to small distribution centres. 

Magway also had plans to repurpose over 850km of decommissioned London gas pipelines to create tracks for delivering e-commerce goods directly from distribution centres to consumers in the capital.

The founder of MoneySavingExpert.com had substantial control of the business until 2019, but it is unclear whether he withdrew his investments before the company filed for insolvency.

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A representative for Martin Lewis declined to comment.

Magway owes over £40,000 in taxes to HMRC and over £47,000 in arrears and holiday pay to employees, leaving just over £74,000 left in the bank.

Liquidators Alvarez & Marsal will be selling Magway’s assets, including its intellectual property. 

Phil Davies, the company’s co-founder and chief executive, said, “We were trying to bring in funds from investors and clients but unfortunately ran out of runway.

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“It is a great shame. The team worked tirelessly until the very end.”

Despite this, Davies remains proud of the team’s achievements, stating: “Over the last seven years, we have gained global recognition, won numerous awards, filed multiple patents, and built working prototypes.

“I firmly believe Magway’s innovative technology still holds huge potential.”

Why are shops closing stores?

HARD TIMES FOR BUSINESSES

Last month, The Fourpure brewing company was placed into administration to “protect itself from market pressures”.

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Administration is when all control of a company is passed to an appointed licensed insolvency practitioner.

It doesn’t necessarily mean the end of the business.

Instead, administrators will try to help a company find ways to repay debts or solve its cash flow problems.

Its beers, such as Pomegranate IPA and Juiced Mango and Raspberry, are stocked in major supermarkets like Tesco, Asda, Waitrose and Ocado.

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However, it’s not just small businesses that are taking a hit.

Major DIY and homeware chain Homebase crashed into administration yesterday.

Chris Dawson, owner of The Range, rescued 70 stores through a pre-pack administration deal.

The buyout has saved approximately 1,600 jobs, but around 2,000 jobs and 49 stores face uncertainty.

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Administrators will now look for buyers for the remaining Homebase stores, which will continue to operate as usual for the time being.

In September, Tupperware Brands, the US maker of food storage containers, filed for bankruptcy.

In a statement to investors, Tupperware’s chief executive Laurie Ann Goldman, said the business had struggled amidst a “challenging” overall global economic outlook.

The rising cost of raw materials, higher wages and transportation costs has seen the company struggle financially.

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Goldman added: “As a result, we explored numerous strategic options and determined this is the best path forward.

“This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”

Cosmetics company Avon also filed for bankruptcy after multiple lawsuits and financial struggles back in August.

What is bankruptcy?

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BANKRUPTCY is a legal process whereby individuals can have their debts wiped.

In the UK, bankruptcy is typically applied to individuals who owe more than they can pay.

During a bankruptcy period, individuals face restrictions such as a maximum amount they can borrow.

Someone is usually discharged from bankruptcy after 12 months which means they are free from most debts.

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However, their credit rating usually takes a hit which can impact whether they are approved for mortgages, credit or a personal loan.

Businesses who are struggling to pay off their debts usually face corporate insolvency.

Insolvency lets a company either restructure and recover financially or be wound up and its assets liquidated.

There are three main types of corporate insolvency, which are:

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  • Administration
  • Company Voluntary Arrangement (CVA)
  • Liquidation

Ted Baker collapsed into administration back in March and all 46 stores shut forever.

The Body Shop met a similar fate in February.

Wilko entered administration in August last year after PricewaterhouseCoopers (PwC) failed to secure a rescue bidder.

However, the brand name has since made a comeback on the high street despite the closure of 400 stores.

Since the start of 2023, Paperchase, M&Co, and Cath Kidston have also fallen into administration.

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