A brand new study from King's Business School says an approximate six million small businesses in the UK supporting 16.6 million jobs are in a financially precarious position as a result of the pandemic. Nearly two-thirds of entrepreneurs felt their business might not survive the pressures of Covid-19, while more than half predicted they would run out of money within the next 12 months.
Over 350 entrepreneurs were questioned at the height of the first coronavirus lockdown to evaluate the impact on their businesses, and on them as individuals. Almost 61 per cent reported that the future existence of their business was under threat due to a slump in trade. Researchers said this suggests that there are potentially 16.6 million UK jobs at risk. Small businesses contribute 52 per cent of the £2.2 trillion turnover generated by the private sector and employ 60 per cent of all private sector workers.
Businesses led by women were impacted more adversely than those led by men, with 72 per cent reporting lower trading volume, compared with 56 per cent for male-owned concerns.
