The Office For National Statistics today published stats showing that one in 10 businesses say their risk of insolvency is moderate or severe and have seen their turnover decrease by over 50%).
Jack Izzard, director of The Great British Bounce Back, a community of small and micro businesses fighting back against Covid-19, commented: “Based on this evidence, a tenth of the UK economy could disappear overnight.
“One in 10 businesses have seen their turnover fall by more than 50% and, unsurprisingly, are concerned they will go to the wall.
“The threat of systemic economic collapse is existential and yet the Government has failed to provide support of any kind to a significant percentage of our small and micro business members.
“The fact that more than a quarter of UK businesses have seen their turnover decrease by more than 20% again underlines the sheer scale of the problem that lies ahead. The UK economy is running on fumes.
“Many of our members have pivoted and adapted as best they can but the lack of financial support they have received is an abject failure of Government.”
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