THE Office for National Statistics (ONS) reports that one in seven UK companies is in fear of collapse.
The new research published on Thursday, November 19, showed that the effects of the coronavirus pandemic have led to 14 percent of UK companies stating they had little to no confidence that their business would survive until next spring.
The research showed that hospitality firms were the most worried, with an alarming one-in-three firms in the food or accommodation sector, such as pubs, restaurants and hotels believing they will not survive the next three months.
The ONS explains: “Across all industries, of businesses that have not permanently ceased trading, 40 percent had moderate confidence that their business would survive the next three months, and 14 percent had low or no confidence of the same. Conversely, 40 percent said that they had high confidence.
“The accommodation and food service activities industry had the highest percentage of businesses that had no or low confidence that their business would survive the next three months, at 34 percent. This was followed by the administrative and support service activities industry, at 18 percent.”
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