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One in three UK small firms plan major staff cuts

Business Market

A third of UK small businesses are planning to make staff redundant over the next few months, according to a quarterly survey by Moore UK. Businesses in London were more likely than those in any other part of the UK to be planning redundancies, with 42% considering laying off staff. Businesses planning to make redundancies were, on average, considering dropping 45% of their staff over the next six months. Maureen Penfold, the chair of Moore UK, said: “It’s surprising to see so many businesses are considering reducing staffing numbers so substantially. Policymakers should be careful not to assume that the economy is back in rude health – especially taking into account how the new restrictions just implemented may further impact businesses.” Additionally, some 49% of those questioned said they expected to have to increase the prices they charged over the next six months, mostly as a result of increased staffing costs.

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