Data from Xero’s Small Business Insights, has confirmed the impact of COVID-19 on UK small business revenue and employment. Amongst the UK’s small businesses, the analysis shows:
- Between March and May there was a 28% drop in revenue
- During the same time, there was a 6% decline in employment
- Late payments to small businesses increased by 7.8 days between February and May
Business conditions are tough. Small business owners will be doing everything they can to keep their business going now and in the future. Now we need to come together to help small firms recover and rebuild. Small businesses across the country need more support than they are currently getting. We need a better business environment in which small firms can thrive.
Our roadmap to recovery: the recovery starts now
Today we are launching our “Roadmap to recovery for small businesses”, which looks at four critical areas