Euler Hermes Q4 2018 ONS Insolvency Figures Media Comment

London, 29 January 2019

 

Ana Boata, Senior European economist at Euler Hermes, the world’s leading trade credit insurer, said:

 

“We forecast the number of UK business failures to reach 23,640 this year – a nine per cent rise on the 2018 figure - even if a deal is agreed with the EU before the March deadline. This is due to long-lasting Brexit related uncertainty, ongoing pressure on company finances from an increase in late payments, tighter monetary conditions, sluggish consumer spending and deteriorating margins.  

“The prospect of a no deal Brexit raises the risk of a much sharper increase in insolvencies, which could see the forecast increase to 26,000 firms in 2019 if the UK leaves on WTO terms (+20% annual increase).”

 

Media Contacts: 

Euler Hermes Media Relations
Adrian Russell
+44 (0)20 7860 2728
adrian.russell@eulerhermes.com

Citypress
David Bertram
+44 (0)161 235 0300
David.bertram@citypress.co.uk