Older bankrupts figures 'soaring'

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Official figures obtained by the Conservatives showed the number of insolvent over-60s rose from 802 in 2000 to 5,189 in 2008 - a jump of 547%.

The figures were published as it was revealed a record number of people were declared insolvent during the second quarter of the year, with commentators warning the worst was still to come.

Shadow business manager Mark Prisk said bankruptcies in the older part of the population had risen every year since 2000 and now outstripped those in other age groups.

"These pensioners are the human face of Gordon Brown's decade of irresponsibility," he said.

"Individuals should have been encouraged to save, but Gordon Brown did the opposite and instead, endorsed reckless spending. Now, they are paying the price for his failures."