Telephone iconCall UsTelephone icon0333 0146 683
Our opening hours
Chevron left icon
Knowledge centre

Tradespeople expect total Covid-19 losses to reach £18,039 – but are confident about recovery

2-minute read

Tradespeople expect total Covid-19 losses to reach £18,039 – but are confident about recovery
Sam Bromley

Sam Bromley

23 April 2021

Facebook iconTwitter iconLinkedIn icon

New research from Simply Business reveals that Covid-19 has already cost tradespeople £14,722 each on average, with losses expected to increase.

But tradespeople are optimistic about the future of their business, with the roadmap out of lockdown providing some reassurance.

We surveyed 259 self-employed tradespeople and small construction business owners, who told us how more than a year of lockdowns and restrictions has taken its toll.

With costs already at £14,722, tradespeople expect total costs due to lockdown to reach £18,039 on average. But there’s cause for optimism, because the construction industry is playing an important role in the UK’s recovery.

Recent data shows it’s the fastest growing sector in the economy, with a 1.4 per cent rise in the last month.

Here’s why tradespeople are optimistic

The financial hit has been heavy, but with the vaccine rollout and the government’s roadmap out of lockdown, many tradespeople are still optimistic about the future.

Cause for optimism% agreed
Vaccine rollout giving confidence that work will pick up40%
Lockdown roadmap giving reassurance to plan the business's future33%
Optimism about life in general after lockdown38%

What’s more:

  • 80 per cent of self-employed tradespeople plan to continue or restart their current business
  • eight per cent will remain self-employed but intend to start a new business
  • these plans show clear resilience among those in the trades

How tradespeople have spent their time in lockdown

Tradespeople also told us how they’ve been making the most of their free time in lockdown. Many have been spending more time with family where they can (63 per cent), as well as resting (37 per cent), and generally focusing on themselves (31 per cent).

Plus, tradespeople have taken the opportunity to boost future earning potential by learning new skills (eight per cent), and adopting new technologies to help with business operations (six per cent).

Tradespeople will play a key role in rebuilding the economy

Our UK CEO, Alan Thomas, believes that this resilience among tradespeople shows that we’re on the right track to recovery: “Tradespeople have already lost £14,722 each on average as a result of the pandemic.

“While that is a huge collective loss to the economy, we should more importantly recognise the impact such a financial hit will have had on so many individual lives, families, and futures.

“However, it is encouraging to see that – despite the challenges of the last year – tradespeople and the construction industry as a whole remain resilient. Construction is the fastest growing sector in the UK, and what’s more our survey reveals that many tradespeople up and down the country are optimistic about their futures.

“Tradespeople will play a key role in the rebuilding of our economy and communities, and their resilience in the face of such challenges should give us all confidence that we’re on the right tracks to recovery.”

Are you feeling optimistic about the future? Let us know in the comments below.

Are you protecting your tools?

As the UK's biggest business insurance provider, we know the importance of covering your tools. Why not take a look now and build a quick, tailored tool insurance quote?

Start your quote

We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

Find this article useful? Spread the word.

Facebook icon
Share
Twitter icon
Tweet
LinkedIn icon
Post

People also liked

22 June 20209-minute read

How to start a clothing brand: the 9-step plan

How to start a clothing business. It can be an all-consuming process but with that first sample run and customer sale comes great…

Read more

Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.

Subscribe to our newsletter

Categories

Popular articlesBusiness resources from FarillioGeneral businessGuestInsuranceLandlordLandlord resources from FarillioLegal and financeMarketingNewsOpinionProperty maintenanceTradesmanCovid-19 business support hub

Address

6th Floor99 Gresham StreetLondonEC2V 7NG

Sol House29 St Katherine's StreetNorthamptonNN1 2QZ

© Copyright 2021 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.