Fresh fears of insolvencies

The latest statistics from ONS to FSB show how hard the economic crisis is hitting the UK.

From dwindling personal finances to a widening financial gap between households, there are fresh fears of redundancies and avoidable insolvencies.

With no sign of a new support package to match the lockdown trading restrictions, what are the chances of the economic landscape improving any time soon?

Individuals counting the cost

Nearly nine million Brits had to borrow more money last year because of the impact of coronavirus, data shows. A financial gap between households keeps widening as more people rely on savings and borrowing to make ends meet.

Uncertain future for SMEs.

According to FSB’s latest Small Business Index (SBI), more than 250,000 SME’s are predicted to fold. The trading uncertainty, tax and bureaucracy mean that almost half British exporters expect international sales to drop this quarter.

While the government offered a meaningful lifeline to retail, leisure and hospitality sectors, the small business community is much bigger and needs support too. Yet, with no official date for the 4th SEISS grant before the March Budget, many viable SMEs may be lost.

If your business is struggling, please don’t put it off. Contact us for a free consultation on 0800 118 2948.

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