According to Allianz Trade’s latest Global Insolvency Outlook, ahead of an expected recovery in 2025, UK businesses must first navigate a year of geopolitical and economic uncertainty and a heightened risk of non-payment as insolvency rates peak at a 15-year record. Around 31,000 UK businesses are expected to fail in 2024, a 10% increase from last year. The predicted rise would mark the fourth consecutive year of increased business insolvencies for the UK (following a 15% year-on-year increase in 2023, 53% in 2022, and 9% in 2021) and would push business insolvency levels to 43% above 2019 levels, the highest in Europe alongside Ireland. In addition, Allianz Trade suggests that UK firms will continue to struggle as the economic outlook for 2024 remains weak. Allianz Trade forecasts 2024 GDP growth for the UK at  +0.6% compared with +1.4% in the US and +0.8% in the Eurozone. To read Allianz Trade’s news release, go to