The Aviva Risk Insights Report is based on research with business leaders and is intended to give the business community insights and analysis on the risks and challenges that UK businesses are facing. Businesses of all sizes, from sole traders to larger corporates, across all sectors of the economy fed into the latest research from 2022 which confirms that economic concerns, the workforce shortage and supply chain issues are among the top 10 risks. Within this report, Aviva experts also provide insight and risk management support on the challenges that are currently being faced.
Did you know?
-50 net confidence level in the UK economy*
45% of companies report an impact on their business due to supply chains*
“Over the course of 2022, cost pressures for businesses have evolved into a full-blown cost of living crisis across the UK economy, driven by systemic inflation and soaring energy prices, which have been impacted by the war in Ukraine combined with enduring post-Brexit and post-Covid-19 pressures. The crisis is impacting individuals, communities and the companies they work for in different ways, from increasing supply costs for companies and reducing consumption by customers to creating financial stress at large” Adam Winslow, CEO, UK & Ireland General Insurance.
Top 3 key risks facing UK businesses*
Business confidence in the UK is at a low point. Aviva’s latest research shows how the current economic climate has greatly impacted supply chains and energy costs which were already affected as a result of the aftermath of the pandemic and further exacerbated this year by the war in Ukraine.
1. Economic concerns
- 56% of businesses selected this in their top 5 risks
Up from 37% in 2021
2. Skilled workforce shortage
- 31 % of businesses selected this in their top 5 risks
Up from 28% in 2021
3. Impacts of Brexit
- 23 % of businesses selected this in their top 5 risks
Down from 25% in 2021
To read the full report from Aviva click here.
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If you are concerned about how this affects you and your business and would like support in assessing your needs, we are here to help. Please do get in touch for confidential advice and guidance.
This article was adapted from an article by Aviva which can be found here.