Podcast 15 Oct 2021

70: August GDP & Insolvency Predictions

The UK economy picked up in August as GDP grew 0.4%. This latest snapshot showed activity in the accommodation and food service sectors, as well as arts and entertainment, contributed the most to growth.

Official data published on Tuesday showed that the UK unemployment rate edged down 0.1% to 4.5% in the three months to August – a welcome figure and one that is lower than analysts had predicted.

Credit insurers Atradius and Euler Hermes have been looking ahead and announced their predictions for UK insolvencies. Both are predicting that 2022 will see a rise in the number of insolvencies by around 32% (compared to pre-pandemic). There are fears that numbers could be even higher if the vast number of zombie companies operating in the UK begin to fail quicker than anticipated.

Nick Hood has also written an article on the the role of insolvency professionals in saving jobs and businesses as the pandemic wanes. Read the article here.

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