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|New economic report - the Brexit impact|
|Wednesday, 29 June 2016|
Trade credit insurer Atradius has published an economic report following the Brexit referendum looking at the impact to the UK and wider European economies.
Insolvencies are expected to rise in the short-term, especially in Ireland, the Netherlands and Belgium, due to close trade and investment ties.
Insolvencies in the UK predicted to increase by 4%
Insolvencies also forecast to rise 3.5% in Ireland, 2.5% in Belgium and 2% in Netherlands
Corporates operating in the transport equipment, food, textiles, electrical equipment and chemicals sectors are most exposed due to close trade linkages.
Brexit could trim 1% to 3% off UK GDP by 2018
Uncertainly will persist in coming years which will continue to be reflected in financial markets and business sentiment. Borrowing would become more expensive for UK firms.
European countries will feel short and long-term economic impacts
Atradius is also advising that its business will be operating as usual following the Brexit result:
Alun Sweeney Country Director for Atradius UK & Ireland said: “There will be no short term impact on our underwriting stance for the UK market. When the emotion of the result subsides, it is important to recognise that UK business will adapt and those with strong management, executing a clear and well-funded strategy, will continue to thrive. The UK continues to be open for business and so do we. Businesses that choose to credit insure recognise that a robust risk management strategy enables trade and we remain confident that we can support our customers to grow their businesses, in the domestic market, in Europe and in other markets around the world.”
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