Financial Times on Nostr: Number of UK businesses facing ‘significant’ financial distress rises sharply ...
Number of UK businesses facing ‘significant’ financial distress rises sharply
==========
The number of UK businesses facing 'significant' financial distress has risen sharply; The increase is attributed to the impact of the COVID-19 pandemic and ongoing Brexit uncertainty; The data comes from a report by Begbies Traynor, a business recovery firm; The report shows that 723,000 UK businesses are now in 'significant' financial distress; This represents a 15% increase compared to the previous quarter; The sectors most affected include hospitality, retail, and construction; The report also highlights a rise in the number of businesses in critical distress, which increased by 9% to reach 93,000; The government's furlough scheme and other support measures have helped to prevent a larger increase in distress; However, experts warn that many businesses are still at risk of collapse; The situation is expected to worsen as government support measures are phased out; The report suggests that the true impact of the pandemic on UK businesses is yet to be fully realized.
https://www.ft.com/content/1613d792-dee3-4fc1-9055-e49487079b47
==========
The number of UK businesses facing 'significant' financial distress has risen sharply; The increase is attributed to the impact of the COVID-19 pandemic and ongoing Brexit uncertainty; The data comes from a report by Begbies Traynor, a business recovery firm; The report shows that 723,000 UK businesses are now in 'significant' financial distress; This represents a 15% increase compared to the previous quarter; The sectors most affected include hospitality, retail, and construction; The report also highlights a rise in the number of businesses in critical distress, which increased by 9% to reach 93,000; The government's furlough scheme and other support measures have helped to prevent a larger increase in distress; However, experts warn that many businesses are still at risk of collapse; The situation is expected to worsen as government support measures are phased out; The report suggests that the true impact of the pandemic on UK businesses is yet to be fully realized.
https://www.ft.com/content/1613d792-dee3-4fc1-9055-e49487079b47