Britains small businesses are hobbled by debt, and pressed by the challenges of inflation, Brexit, and a stressed economyand as a result they are failing at record numbers.
The Centre for Economics and Business Research expects business insolvencies, which averaged 4100 per quarter in 2019 and reached 6700 in the second quarter of 2023, to skyrocket to 7000 per quarter in 2024.
Borrowing burden
Britains economy needs vibrant businesses to power its economy forward, but that will be a challenge with their current burden of debt. The facts are daunting.
When Margaret Thatcher became prime minister in 1979, business debt totalled only 25% of GDP, today it is triple that level at 77% of GDP, and one of the highest levels in the world…
Read the full article at: https://startups.co.uk/blog/small-business-debt-relief/