A survey by data analysts Equifax found the number of enterprises forced to shut in the third quarter of the year had fallen by 11.7% year-on-year in the North East.

However, business failures increased by 15.4% in the West Midlands in the same period and grew by 6.6% in London.

Equifax said the strong manufacturing base in the North East helped it to escape recent credit problems which had affected high street-based firms, The Journal reported.