This morning’s unexpected news that the UK economy is still in recession is likely to weigh heavily on the minds of small business owners. According to the official figures from the Office of National Statistics (ONS) the UK economy contracted by 0.4% between July and September – a record sixth successive quarter of recession. Despite hopes that the recession was finally over, these figures indicate that the bumpy ride for small businesses owners could continue.
Small businesses owners have shown incredible grit and determination to survive this downturn. The customer research that we conducted over the summer showed that one in four small businesses put the success of their business in the recession down to their own individual efforts and that of the team they work with. Today’s news means that the struggle is by no means over.
As we blogged back in July around our Recession Review and Guide, 5% of small businesses felt that the impact of the recession has been so severe that it may threaten their ability to survive. While the percentage may seem low, it still means that if this was extended to the number of small businesses in the UK, around 236,400 will cease trading due to these issues. This would be a disaster for the UK economy.
On the last day of Small Business Week, this news supports what we blogged about yesterday on the Business Pulse survey. Access to better advice and resources will be absolutely crucial to get small businesses through this downturn, no matter how long it takes.
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Posted by: UK Dissertation | 04 March 2010 at 06:21 PM
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Posted by: Erwin@ Small Business News/Small Business Grants | 24 May 2010 at 09:30 AM