According to the Oxford dictionary the correct hyphenation in British English is
al-ter-nate
The pattern for British English were prepared in 1996 by Dominik Wujastik using a list of hyphenated words made available by Oxford University Press and is present on CTAN as ukhyph.tex. In 2008, the team in charge of maintaining hyphenation patterns for TeX Live made a reorganization of the material; here's the start of hyph-en-gb.tex:
% This file has been renamed from ukhyphen.tex to hyph-en-gb.tex in June 2008
% for consistency with other files with hyphenation patterns in hyph-utf8 package.
% No other changes made. See http://www.tug.org/tex-hyphen for more details.
% File: ukhyphen.tex
% TeX hyphenation patterns for UK English
Some lines later we can read
% $Log: ukhyph.tex $
% Revision 2.0 1996/09/10 15:04:04 ucgadkw
% o added list of hyphenation exceptions at the end of this file.
%
%
% Version 1.0a. Released 18th October 2005/PT.
%
% Created by Dominik Wujastyk and Graham Toal using Frank Liang's PATGEN 1.0.
% Like the US patterns, these UK patterns correctly hyphenate about 90% of
% the words in the input list, and produce no hyphens not in the list
% (see TeXbook pp. 451--2).
%
% These patterns are based on a file of 114925 British-hyphenated words
% generously made available to Dominik Wujastyk by Oxford University Press.
% This list of words is copyright to the OUP and may not be redistributed.
% The hyphenation break points in the words in the abovementioned file is
% also copyright to the OUP.
so I argue that the hyphenation patterns have never changed from 1996, except for the addition of a hyphenation exception list that reads, in the original file,
\hyphenation{ % Do NOT make any alterations to this list! --- DW
uni-ver-sity
uni-ver-sit-ies
how-ever
ma-nu-script
ma-nu-scripts
re-ci-pro-city
through-out
some-thing}
and is exactly the same in the reorganized files.
It is true that alternate hyphenates as
al-tern-ate
as the following file to be run with pdflatex shows:
\makeatletter\language\l@british\showhyphens{alternate}\stop
that prints
Underfull \hbox (badness 10000) detected at line 0
[] \OT1/cmr/m/n/10 al-tern-ate
on the terminal.
Hyphenation in TeX doesn't examine a long list of words, but rather uses a method based on patterns, described in Appendix H of the TeXbook. The patgen program distills a set of patterns based on a list of hyphenated words, but some compromise has to be made for efficiency of the algorithm, so it's surely possible that some word slips off and turns out to be hyphenated incorrectly.
That's what the hyphenation exception list is for. You can, until the problem is fixed by adding some suitable patterns or the word in the exception list, add it manually:
\documentclass[a5paper]{article}
\usepackage[british]{babel}
\babelhyphenation[british]{al-ter-nate}
\begin{document}
alternate alternate alternate alternate alternate alternate alternate
alternate alternate alternate alternate alternate alternate alternate
alternate alternate alternate alternate
\end{document}

The command \babelhyphenation requires babel version 3.9; for an earlier version one can use
\begin{hyphenrules}{british}
\hyphenation{al-ter-nate}
\end{hyphenrules}
which has the same effect.
\showhyphens{alternate}returnsal-ter-natein the log file. – Alex Apr 12 '14 at 12:00al-ter-nate, with TeX Live 2012 it isal-tern-ate. – Alex Apr 12 '14 at 12:10al-tern-atewith\showhyphens. – Christian Apr 12 '14 at 12:22al-tern-ate, with British hyphenation. But it was in 2010 that the hyphenation pattern files were reorganized. – egreg Apr 12 '14 at 12:54ukhyph.texfile in CTAN is dated 1996/09/10 (revision made in 2005), and doesn't show any difference from thehyph-en-gb.pat.txtfile that's used in TeX Live 2013 for building the format, other than the hyphenation exceptions have been moved in another file. In the pattern file there'sltern3, that explains the hyphenational-tern-ate. The word isn't included in the exception list. – egreg Apr 12 '14 at 13:11\usepackage[english]{babel}isn't well defined. It's American on most systems but it doesn't have to be. So don't use it. Ever. – Christian Apr 12 '14 at 13:15al-tern-ateis correct, but that probably it has been like this all the time without anybody noticing it. – egreg Apr 12 '14 at 15:08tanda, which according to patterncat1a1s2from filehyph-en-us.pat.txtshould be valid. The discussion ended without results. Note, the scriptdebug_spots.luamentioned in the initial mail has been renamed topatternize.luain the repository. – Stephan Hennig Apr 12 '14 at 16:29catas-tro-phewith all three engines. If I addvariant=usmaxwith Polyglossia, I getcat-a-stro-phe(which is of course wrong, but is a problem ofusmax). – egreg Apr 12 '14 at 17:12alternate. You can add it manually. – egreg Apr 12 '14 at 18:14usmaxwith Polyglossia instead ofus. But there's still something odd. Using Polyglossia wih variantuswith xelatex shows no valid hyphenations. This is of course even more unrelated to the original question than I originally expected. Sorry for the noise! – Stephan Hennig Apr 12 '14 at 18:48usmax, because I wanted to use patterns from filehyph-en-us.pat.txt. Which still results in no valid hyphenation here, neither with lualatex nor xelatex with TeX Live 2013. But that is an off-topic issue. – Stephan Hennig Apr 12 '14 at 19:44