The Business Risk Index 2026

The 2026 Business Risk Index paints a detailed picture of the challenges facing UK businesses. Based on insights from 1,000 business leaders, financial pressures emerge as the most immediate concern, alongside cyber, people and operational risks that are increasingly shaping organisations' ability to grow, adapt and remain resilient across sectors. The report examines the factors contributing to this turbulent trading environment and provides mitigation strategies from Gallagher specialists to support informed decision‑making and help organisations face the future with confidence.

What's in the report?

Five key takeaways from the 2026 Business Risk Index

Financial and economic

Financial pressures dominate the most immediate concern for UK businesses. High operational, salary and material costs alongside imposed charges such as National Insurance increases continue to have a significant impact, compounded by the cost‑of‑living crisis affecting customer spending and cash flow.

Talent and workforce

Access to skilled talent and rising salary costs are increasingly testing business resilience. Wage inflation, skills shortages and employee retention challenges are placing sustained pressure on organisations' ability to maintain the people, skills and capacity required to operate effectively, making workforce capability an ongoing operational and strategic risk.

Security, technology and operations

Cyber risk, data protection and operational resilience are rising rapidly up the risk agenda. Cyber incidents, data breaches and technology disruption are major concerns, alongside growing uncertainty around the governance and adoption of emerging technologies such as AI.

Market, sector and environment

External volatility continues to shape business risk profiles. Sector competition, supply chain disruption, exposure to international trade measures such as tariffs, and broader market volatility are influencing strategic decision‑making, while climate change and reputational risk remain prominent considerations.

Legal, regulatory and compliance

Regulatory change remains a key risk as organisations navigate increasing compliance requirements and heightened exposure to litigation, fraud and governance scrutiny. Keeping pace with regulatory complexity continues to place pressure on leadership teams and operating models.

The top risks UK businesses are facing