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READ MOREAround 630,000 small businesses at risk of going bust – research
Around 630,000 small and microbusinesses are at risk of going bust in the face of rocketing costs and pressures on consumers, according to new research.
Data analysis of 2.3 million British microbusinesses – which are typically firms with fewer than 10 employees – highlighted growing pressure among small businesses due to rocketing costs, such as increased energy bills.
The Venture Forward report, produced by GoDaddy, indicated that the potential collapse of these companies would be a roughly £12 billion blow to the economy.
It comes ahead of a key Spring Budget for the Prime Minister and Chancellor Jeremy Hunt.
However, the research found that fewer than one in five (19%) entrepreneurs said they believe that Rishi Sunk “is acting in the best interests of small and microbusinesses”.
More than three quarters (77%) of entrepreneurs said they believe the cost-of-living crisis is the greatest challenge they have faced, with many highlighting the impact of higher energy bills.
When asked how MPs can help microbusinesses, the most common response was to offer tax incentives, with around 42%.
Business owners also called for technical assistance for business development and help with digital strategy.
Read more at The Evening Standard
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