Credit insurance giant Euler Hermes has released a report showing that if the UK opts for a hard Brexit and UK leaves the single market, 1,400 more UK companies will be put into insolvency that in the event of a soft Brexit. By the end of 2019, the number of failing companies could rise by nearly a third to more than 26,000 if the UK leaves the EU with no trade agreement in place. The chief economist at Euler Hermes says that this rise in insolvent companies would be caused primarily by falling trade levels and lower consumer confidence. Problems could worsen further if multinational companies opt to leave the city of London in favour for other financial centres. Data released by Euler Hermes shows that some parts of the economy are already experiencing stress, with late payments rising by 38% in the construction industry and 34% in textiles.