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Small businesses raid savings to stay afloat

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A survey by Redwood Bank has found nearly half of small businesses have had to raid their savings to stay afloat during the coronavirus pandemic. It estimates as much as £22.4bn has been withdrawn from corporate deposit savings accounts to pay bills. Gary Wilkinson, chief executive and co-founder of Redwood, said: “With no or little income, many are desperately trying to stay afloat and have had to tap into their savings to pay costs and keep going.”

 

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