One in five small businesses in the UK is at serious risk of closure due to the rising cost of living, with the greatest areas of concern being the West Midlands and the North East, according to new data.
The research from London-based business financial platform Tide found that companies are increasingly struggling to handle the ever-rising costs of operation.
Tide’s data showed that around 70% of businesses had to increase hours, with a third relying on support from friends and family to stay afloat. The study also found that one in ten small businesses have been forced to make cuts to staff.
The largest expense concern for the businesses surveyed was fuel and energy, followed by inflation and supply chain issues....