Pressures on SMEs could force many out of business
The credit crunch and current worldwide financial conditions has resulted in approximately 470,000 small and medium sized businesses (SME) - or one in 10 - forced into a position of no longer being able to run their business, according to new research released today by RSA.
The research revealed that employers in the North were the hardest hit with 16% saying they can no longer afford to operate. This compared to just 1% in the South West and a national average of 11%.
The news comes on the day that the Government is set to announce measures to help small businesses through the economic downturn. The Federation of Small Businesses is also urging the creation of a £1bn “survival fund”, funded by the European Investment Bank and the Treasury, to save threatened jobs
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