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Gloucestershire Business News

It could take business five years to recover from pandemic

Four in ten (39 per cent) small business owners believe it will take at least five years for the UK economy to fully recover from the impact of lockdown and COVID-19, according to a new poll out today.

The #ForgottenLtd Campaign, which is campaigning for fair and equal government support for small limited companies, polled more than 1000 small business owners on the state of the UK economy.

They were asked a simple question: How long do you think it will be before the UK economy fully recovers from the impact of lockdown and COVID-19?

Only 15 per cent believe the economy will fully recover by the end of 2021, while more than a quarter (28 per cent) said a full recovery will take up to three years. 

Eighteen per cent believe it will take up to five years for the economy to bounce back. 

But the biggest share of the vote went to those who believed it will be 2025 and beyond before the UK economy is back on its feet.

The #ForgottenLtd campaign exists to raise awareness of the lack of meaningful government support for small business owners.

Gina Broadhurst, co-founder of the #ForgottenLtd Campaign, said: "The results of this snap poll send 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.

"The small businesses we polled are unanimous that a full economic recovery will take years not months. But 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, we are all in trouble. But it's not too late to save them. We call on the government to reconsider its unfair position on limited companies before it's too late."

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