Report: Hundreds of thousands of tiny UK firms may fail this year.

March 8, 2023



(RT) ⸻ The cost-of-living crisis may lead to massive failures for 630,000 small and microbusinesses in Britain, according to a study by website builder GoDaddy. This could wipe £12 billion ($14.4 billion) out of the economy. Microbusinesses, which are typically firms with fewer than 10 employees, represent 96% of all businesses within Britain's private sector. Survey respondents described the cost of energy as the biggest challenge they have ever faced, and the government is providing businesses with billions of pounds in support. However, the Energy Bill Relief Scheme is due to come to an end in March, and a new support package will reportedly see funding reduced to £5.5 billion ($6.5 billion).

Microbusinesses Britain

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