News

Crisis? What Crisis?

  • Posted On: 14 December 2023

As the year draws to a close, its traditional to review the year that’s just been and look forward to the next. Why break with tradition?

Back in 2022 we said that it looked like things were going to get rough. It’s taken a while, through wars, supply chain issues, supply chain inflation, recruitment problems and so on, but we’re definitely there.

UK insolvencies have increased, and we’re nearly back to the bad old days of the credit crunch in terms of the number of business failures – some 2,000 a month at peak.  Construction seems to the be the hardest sector hit, but it’s spreading across sectors as inflation and higher interest rates bite.

 

 

That’s just the UK. It’s hard to say the grass is greener elsewhere in the world, with political deadlock in the USA, stagnation in Europe, conflict in the Middle East, East Africa and of course Ukraine, (to name but three), and none seem capable of any immediate or easy solution.  Even China is being picked out as being more problematic, and globally political tensions are high.  

It all begs a question, and that question is:

Why would you not buy insurance to protect your business against bad debt now?

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