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READ MORESmall firms forced to use savings to survive
Businesses are eating through their savings in order to keep them afloat.
Small and medium-sized businesses said that rising costs, falling sales and higher wage bills forced them into using their savings at the end of 2022.
The findings come from a survey by Investec showing that 43 per cent of firms expected to run down their savings in the next six months, with four per cent saying savings will be completely wiped out.
On top of that, higher interest rates will make it more costly for businesses to take out loans in the coming year. Fewer borrowing options will drive some businesses into administration, say Investec.
The Energy Bill Relief Scheme is set to end in March and no announcements have been made for further support at this stage. Business groups have warned that energy costs for firms could double once the scheme ends.
Read more at smallbusiness.co.uk
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