COVID-19: A record 250,000 small firms on the brink of closure - industry body

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A record 250,000 small firms are set to close this year under combined pressure from the coronavirus pandemic and Brexit, according to an industry body

"The development of business support measures has not kept pace with intensifying restrictions.

"As a result, we risk losing hundreds of thousands of great, ultimately viable small businesses this year, at huge cost to local communities and individual livelihoods."Chancellor announces £4.6bn in new grants He added:"Company directors, the newly self-employed, those in supply chains and those without commercial premises are still being left out in the cold."

A Department for Business spokesperson responded:"We understand these are extremely challenging circumstances for businesses, which is why we have put in place one of the most comprehensive and generous packages of business support in the world worth £280bn. "This includes a new one-off grant worth up to £9,000, VAT relief, various loan schemes, a business rates holiday as well as the extended furlough scheme."

 

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