40% of UK SME owners believe that it will take overfive years for the economy in the UK to recover fully from the impact of global pandemic and the enforced lockdown over the last 3 months, according to research by the #ForgottenLtd Campaign.
Only 15% of the 1,000 small business owners polled believe the UK’s economy will be back on its feet by the end of 2021, whereas more than a quarter (28%) think it will instead take up to three years to see a complete comeback, the report found.
However, 18% believe it will take at least five years for a full recovery, while the majority (39%) were of the belief that it will only be after 2025 that we will see the economy back to normality.
“The results of this snap poll sends 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,” Gina Broadhurst, co-founder of the #ForgottenLtd Campaign comments.
“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, then we are all in trouble.”
This study follows recent news that coronavirus has had a "significant impact" on 92% of UK spa businesses, with 87% having to furlough the majority of their staff; and new research revealing that 29% of brits won’t queue to buy beauty products as shops reopen.