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Gloucestershire Business News

Nearly 400,000 businesses lost in 2020

Nearly 400,000 private sector businesses were lost last year, according to official figures.

The Department for Business, Energy & Industrial Strategy says the snapshot at the start of this year showed there were 5.6 million private businesses, which was 389,600 or 6.5 per cent less than the previous year.

A BEIS spokesperson said: "We know this has been a difficult period for businesses and so the Government continues to offer unprecedented support.

"Our £352 billion package of support includes grants, government-backed loan schemes, business rates holidays and VAT deferral, providing a strong foundation on which to build back better from the pandemic."

The figures are calculated from businesses registered for VAT and PAYE plus an estimate of the un-registered business population. They are the first to reflect changes in the business population caused by Covid-19.

Construction saw the biggest fall, with 79,000 businesses closing, merging or being taken over.

Most sectors saw a decline, but property and real estate added 7,000 new businesses during 2020, with the financial and insurance industry also seeing an increase.

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