UK small businesses are increasingly confident in their ability to grow and contribute towards economic recovery, although any delay in the lifting of restrictions will prove a huge step backwards for some.
The government are set to announce next week whether or not the final step of the roadmap to recovery will go ahead or if this will be postponed.
Data published by the British Chambers of Commerce in partnership with Funding Circle, the UK’s largest small business loan platform, suggests that the majority of businesses are emerging from the latest national lockdown with renewed confidence and plans to grow over the next 12 months.
The survey also reveals that more than half of the businesses said they had already returned to pre-pandemic levels. This of course is heavily sector specific as certain industries are still feeling the affect such as the hospitality sector. Figures released from the Office for National Statistics (ONS) paint a more solemn picture for pubs with only 24% confident they will survive the next 3 months.
Despite reopening to outdoor drinkers on 12 April, and indoors from 17 May, the ONS said many establishments still reported “significant profit losses” last month.
The government should clarify the future of restrictions including social distancing measures and set out a clear package of support to help sustain business confidence if there was a delay to the scheduled removing of all restrictions in a couple of weeks’ time.
With government support winding down from next month, including furlough support set to be reduced and covid loan repayments due, businesses need to be given time to prepare for any changes and informed how government will support them if any delay to a full recovery is necessary.
For further information including the latest news and advice for businesses please visit out Coronavirus Business Support Hub hwchamber.co.uk/support/advice/coronavirus-information.