Data on cash flow, debt and borrowing reveal the complexity of the business challenges that lie ahead.
May was a key month for many, with practices and clients in trouble. The UK government has since extended the furlough scheme to provide more much-needed support.
Source: ICAEW survey findings from members working in SMEs and larger businesses conducted on 6 May and 19 May respectively.
Business debt will slow the economic recovery from the coronavirus unless the burden is made more manageable for SMEs, according to Institute of Directors’ data.
Source: a poll of 720 company directors by the IoD (published on 3 June 2020).
As SMEs make up 99.9% of companies employing around 60% of the working population, it’s vital they get the right support. Although funds have been raised in financial markets, it’s much easier for large businesses to do this than SMEs.
Source: Bank of England figures for April 2020 released on 2 June 2020.