Originally written by Timothy Adler on Small Business
Over 250,000 small businesses are set to close this year without further Covid financial help, according to the latest FSB study.
Five per cent of small businesses surveyed said they do not expect to struggle on beyond 2021.
One in five small businesses made staff redundant between October and December last year. One in seven expect to do so before April.
>See also: Small business calls for multibillion-pound Covid-19 support package
The quarterly Federation of Small Businesses (FSB) Small Business Index (SBI) showed confidence at second lowest ebb in report’s 10-year history.
And the cohort expecting profits to fall in the first quarter this year hit an all-time high, with exporters having to deal with EU red tape as the UK-EU trade deal shakes down.
Mike Cherry, chairman of the FSB, said that although small business has welcomed the Covid help lifelines thrown to the retail, hospitality and leisure sectors, the government must realise that the small community is wider than that.
Nothing has been done for company directors, the newly self-employed and those who do not use commercial premises, Mr Cherry said.
>See also: Which small businesses can stay open in national lockdown?
Last week, the FSB published a five-point plan