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Regional SMEs impacted by the coronavirus
Mark Oppermann, EVP, Webio The Right Fuelcard Company team
London, Scottish and North East-based SMEs are the worst affected by coronavirus. The SME Confidence Report found in London the pandemic will cost SMEs £17,074 each on average in lost work, earnings, and loan repayments. That is £6,000 higher than SMEs in the South West, and over £5,000 higher than the national average (£11,779). In Scotland, whose private sector recorded
one of the deepest slumps in activity in the UK last month, SMEs will face an average cost of £15,484. SMEs in the North East, meanwhile, will be facing the third highest average cost of £15,040 each. Across the whole of the UK, the total cost
The Cedar Rose team
of coronavirus to SMEs will exceed £69bn. Figures from the OECD warn the UK is
likely to be the hardest-hit by Covid-19 among major world economies, with the UK economy likely to fall by 11.5% in 2020. ONS figures released last month also
showed the UK economy dropped a record 20.4% in April, far exceeding the downturn during the 2008-09 financial crisis. Average cost of coronavirus per small
The Adecco team
business, including lost work, earnings and loan repayments: l London – £17,074.36. l Scotland – £15,483.65. l North East England – £15,039.52. l South East England – £12,753.44. lWales – £11,804.82. l North West England – £11,494.86. l The Midlands – £11,079.12. l South West England – £10,989.60. Covid-19 has had a significant impact on
The Brachers team
SMEs and small firm owners up and down the country, with many being forced to sadly close. Their importance cannott be overstated – accounting for 99% of all British firms and contributing over £2tr in combined turnover. Put simply, it is essential for our economy that
small business bounces back.
Glen Walker, chief compliance officer, Ascent Performance Group
July 2020
Alan Thomas UK chief executive, Simply Business
Banking Circle
www.CCRMagazine.com 7
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