Monthly Archives: March 2021

Hot Business News Today

Number of small businesses in distress triple pre-Covid level

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Originally written by Timothy Adler on Small Business
The number of small businesses in distress has tripled compared with the pre-pandemic average, according to figures from accountancy firm Mazars.
This month almost 135,000 businesses are showing strain, as the impact of a year of Covid-19 restrictions reverberates.
Businesses in the services and retail sectors accounted for almost three-fifths of those showing distress, said Mazars. Sectors allowed to reopen were faring better, with construction and manufacturing businesses making up 7.9 per cent and 6.7 per cent of those in distress respectively.
>See also: UK-EU exports fell by over 40% in January 2021
Paul Rouse, partner at accountancy firm Mazars, said: “During more normal circumstances, we expect between 40,000 and 50,000 companies to trigger one of our negative health markers. Today- even with many Government support measures still in place – we are seeing roughly three times that amount: 135,000.
Rouse said that even these higher figures represented “the calm before the storm” as “significant amounts of business distress” would be felt once the Government withdrew its coronavirus financial support.
London accounts for just over a quarter of businesses in distress (25.58 per cent) followed by businesses more generally in the South East outside the M25 (18.44 per cent).
>See

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Hot Business News Today

BBC journalist Liz Barclay appointed small business commissioner

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Originally written by Timothy Adler on Small Business
UPDATED: Campaigning journalist and BBC broadcaster Liz Barclay has been appointed the new small business commissioner, due to take up the role on June 23.
Liz Barclay has a long history of campaigning for social justice when it comes to consumer rights and personal finance. She has presented Radio 4 consumer affairs programme You and Yours.
The small business commissioner post was established in 2016 to help small businesses get paid on time.
Barclay will take over from interim commissioner Philip King just as the office is expected to be given greater powers.
Last year, the government consulted on new powers for the commissioner, including the power to order payments, levy fines and open investigations based on third-party information. The responses to the consultation and further proposals have yet to be published.
Small business are currently chasing more than £50bn of late payments, according to digital banking platform Tide. The average UK SME is chasing five outstanding invoices at any one time, using up an astonishing 1.5 hours a day, with an average of £8,500 owed.
The government’s own figures are that £23.4bn is owed in outstanding invoices to British businesses.
In August 2019, a quarter of SMEs told chartered

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