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
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