As Covid-19 restrictions in the UK gradually ease, a new report from Simply Business reveals the impact of Covid-19 on small business owners and the self-employed.
We spoke to 1,206 small business owners from across the UK to get an in-depth understanding of the impact of Covid-19 on a crucial section of the UK economy.
The below article gives a snapshot of our data, but to find out the full impact of Covid-19 on the UK’s small business, download our complete report.
Download your free in-depth report. Find out more about the cost of coronavirus and overall business confidence.
Last year, our data said that small businesses and the self-employed expected total Covid-19 costs to reach £69 billion.
But nearly 12 months later, our latest report reveals that the total anticipated cost will be upwards of £126.6 billion – nearly double the initial estimated amount.
Beyond the total cost, our headlines also reveal further business challenges:
We’ve mentioned before that while it’s been a difficult and challenging time for small businesses, they’ve also been creative and resilient.
New businesses have even emerged. We’ve seen home baking businesses, courier services, and property maintenance all have big year-on-year increases in requests for insurance.
The vaccine rollout is also providing optimism, but 48 per cent of small businesses are worried about the potential of another lockdown.
And small businesses do need time to heal – 18 per cent think this will take them 18 months to two years, while 20 per cent think it could take them three years or more.
For more small business news on Covid-19 and other important topics, keep an eye on our Knowledge centre.
We’d like to carry on hearing from small business owners about the impact of Covid-19. Please leave a comment below to tell us about your experience.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
22 June 2020 • 9-minute read
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