Although Atradius’ report on payment default trends for Q1 2024 reveals a decrease of 18% in the number of claims received from UK businesses compared to the same period in 2023, the report also highlights significant increases in payment defaults within several cornerstone industries. For instance, the energy and fuel sector experienced a 75% increase in payment defaults year-on-year in Q1, while packaging claims surged by 400% year-on-year and 25% quarter-on-quarter – the most substantial spike in instability across all sectors. The food and drinks sector, the largest manufacturing sector in the UK, also witnessed a notable 44% increase in claims. Additionally, metals saw a 55% increase in payment defaults in Q1 2024, with March 2024 recording an 83% increase year-on-year in payment default claims. Click here to read Atradius’ news release.