Tokio Marine has published a report in which Ray Massey, Underwriting Director – Credit, examines the key factors impacting UK Economic Conditions. He notes that the UK slipped into recessionary territory in late 2023, with GDP growth projected to remain below 1% in 2024. The business failure rate also deteriorated sharply in 2023, with the Insolvency Service recording 25,158 company insolvencies in England and Wales – the third consecutive annual increase (up by 13.7% against 2022) and the highest reading since 1993. The number of creditors’ voluntary liquidations was the highest since the data series started in 1960. Liquidation rates also soared last year, with one in 186 active companies entering insolvency liquidation in 2023 – a rate of 53.7 per 10,000 active businesses and the poorest since Q3 2014. To read the report, go to