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Gloucestershire Business News

Insolvencies set to rise

Britain will suffer the second largest increase in business failures of any leading global economy this year, according to a trade credit insurer.

Euler Hermes has predicted an eight per cent increase in British insolvencies this year, with only China experiencing a sharper rise, as reported by The Times.

It said that profit margins at many companies have been put under pressure by the weakness of the pound.

And it's not just bad news for the companies directly affected, as it has the potential to start a domino effect of late or non-payments, which will affect companies of all sizes throughout the supply chain.

By contrast, Euler Hermes has predicted a decrease in company failures across the European Union of three per cent, with a seven per cent decline in France.

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Graphic: Pixabay

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