A collapsing economy

Witnessing ‘A collapsing economy’ right before my eyes is utterly heart-breaking.

Due to COVID-19, 1 in 7 businesses will resort to a Voluntary Liquidation.

According to a survey by the Office for National Statistics (ONS), 14% of directors fear their business’s survival.

I think it is fair to say the food and hospitality industry will have taken the biggest hit.

Therefore the devastating impact will result in a temporary or permanent closure of up to 25% of businesses.

https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/conditionsanddiseases/bulletins/coronavirustheukeconomyandsocietyfasterindicators/19november2020

I believe that these statistics show us a small fraction of what lies ahead for years to come.

Have the bounce-back loans helped?

This is a really tough question to answer.

In some instances, yes. However, I anticipate many businesses that had taken the bounce-back loans will result in closure.

What will happen if the businesses close owing monies?

In short, all business debts solely owed by the business will be written off.

Therefore, this includes the bounce-back loans.

Despite efforts of many businesses, it is expected that many will close and much of the £65.48bn will go unpaid.

I anticipate, like most, that the future taxes for the consumer and businesses will increase.

A collapsing economy & Our commitment

Company Money Worries will continue to positively impact businesses and directors.

We believe that our compassion, transparency and unwavering support will be a pillar of support.

Natasha Parrott – Founder

Without a doubt, we as a nation have endured uncertain times; Company Money Worries are here for you.

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