UK business failures forecast to climb 27%

Industry News | 03/09/20

Insolvencies in the UK are forecast to jump by 27% this year, slightly higher than the global average rise of 26%, reveals a new economic research report by top trade credit insurer Atradius.

The latest Atradius Insolvency Report analyses the economic impact of the Covid-19 pandemic and the knock-on effect on insolvencies. Every major economy, except for China, is expected to enter recession this year with global GDP forecast to contract by 4.5%, making this recession more acute in magnitude than the Great Recession of 2009.

The UK is expected to see the largest GDP contraction in Northern Europe following a stringent lockdown and high Brexit uncertainty.

Source: Credit Connect