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Turnover troubles put small firms at risk

Economy

Labour Party analysis suggests an estimated 390,000 small businesses are worried they will not survive the next three months. The report says around 1m small businesses do not have cash reserves to last beyond three months, with more than 520,000 small firms having seen turnover fall by more than half amid the pandemic, even before the recent England-wide lockdown. Labour says a majority of businesses forced to close during the latest lockdown received smaller Government grants than during the initial shutdown, with most seeing payouts a third or half of those received in March. Shadow Business Secretary Ed Miliband said: “Small businesses are being let down by shrinking government grants … Unless ministers change course we’ll see hardworking businesses go bust … before winter is through.”

 

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