Insolvencies in the UK are set to jump 27 percent this year as the fallout from the coronavirus continues with a knock on effect on the IT channel.
Figures compiled by credit insurer Atradius show that that the growth in companies going bust will outpace the global figure (26 percent), with the UK also seeing the largest GDP contraction in Northern Europe.
Turkey is expected to see the largest growth in insolvencies globally at 41 percent, followed by the US and Hong Kong at 39 percent.
Simon Rockett, senior underwriting manager for Atradius UK, said: “The coronavirus pandemic has been indiscriminate in its spread across the globe, resulting in lockdowns and containment measures which have had a tangible impact on economic markets. This has included delays in production, a drop in business and consumer demand and widespread business closures.”
