Published on June 16th, 2020 | by The GC Team0
Small businesses predict economic bounce-back could take five years
Four in ten small business owners believe it will take at least five years for the UK economy to fully recover from the impact of Covid-19, according to a poll carried out by the #ForgottenLtd Campaign, a movement pushing for fair and equal Government support for small limited companies.
The study asked more than 1,000 small business owners how long they think it will be before the UK economy fully recovers from the impact of lockdown and Covid-19, and found that only 15% believe the economy will fully recover by the end of 2021.
More than a quarter (28%) said a full recovery will take up to three years, while 18% believe it will take up to five years. But the biggest share of the vote (39%) went to those who believed it will be 2025 and beyond before the UK economy is back on its feet.
Gina Broadhurst, co-founder of the campaign, said: “The results of this snap poll send out an unequivocal message to the Government, namely that the small business community believes it will be a very long time before the UK economy bounces back.
“The small businesses we polled are unanimous that a full economic recovery will take years, not months. But it’s these very same businesses that so many people depend on for their jobs, big companies for their supplies, and customers for their products and services.
“We are all linked, so if small businesses are in trouble, we are all in trouble. But it’s not too late to save them.
“We call on the Government to reconsider its unfair position on limited companies before it’s too late.”