Income will go down and costs will go up. You cannot win, no matter what you do. The economy is going to look very different in a year’s time and it will take a concerted effort from the government to mitigate the damage. It’s a shame that they feel they need to spend another few weeks on holiday right now, it just shows how seriously they are taking the crisis.
Not a surprise, probably mostly sweet shops, desert shops and burger joints that everyone opened during the pandemic.
As long as these companies do not include big banks and other tories sponsor then its fine
A good proportion of these will have been set up purely to take advantage of the COVID loans, now the banks are starting to investigate the massive amounts of fraud it’s not surprising they are going belly up
It’s horrific and it’s only going to get worse. There have been a wave of small business closures in my area over the last month
They compare it to pre-COVID levels and ignore the fact that insolvencies dropped massively during COVID due to the government support schemes.
This increase now is just the system catching up with itself and companies which would normally have gone insolvent in the last two years finally running out of money.
Is there a chance some of this is to do with the period of businesses that needed to remain being open after getting the covid payouts?
My auntie got 50k in covid payments and doesnt even open her shop anymore, shes apparently closing it as soon as she’s gone past the point she has to.
Don’t know how true this is, just it was mentioned over dinner tonight.
Lots of small business’ have closed already down this way. And this is only the beginning. Over the winter there will be many more
Well yeah, because all the fraudsters who set them up last year to take a £50k BBL are now closing them
It’s almost as if average working people like me are having to cut back on spending money on luxuries because bills and food are rising at a rate faster than my income is rising.
11 comments
Income will go down and costs will go up. You cannot win, no matter what you do. The economy is going to look very different in a year’s time and it will take a concerted effort from the government to mitigate the damage. It’s a shame that they feel they need to spend another few weeks on holiday right now, it just shows how seriously they are taking the crisis.
Not a surprise, probably mostly sweet shops, desert shops and burger joints that everyone opened during the pandemic.
As long as these companies do not include big banks and other tories sponsor then its fine
A good proportion of these will have been set up purely to take advantage of the COVID loans, now the banks are starting to investigate the massive amounts of fraud it’s not surprising they are going belly up
It’s horrific and it’s only going to get worse. There have been a wave of small business closures in my area over the last month
They compare it to pre-COVID levels and ignore the fact that insolvencies dropped massively during COVID due to the government support schemes.
This increase now is just the system catching up with itself and companies which would normally have gone insolvent in the last two years finally running out of money.
Is there a chance some of this is to do with the period of businesses that needed to remain being open after getting the covid payouts?
My auntie got 50k in covid payments and doesnt even open her shop anymore, shes apparently closing it as soon as she’s gone past the point she has to.
Don’t know how true this is, just it was mentioned over dinner tonight.
Lots of small business’ have closed already down this way. And this is only the beginning. Over the winter there will be many more
Well yeah, because all the fraudsters who set them up last year to take a £50k BBL are now closing them
[The FSB has been banging on about this and trying to get support](https://www.fsb.org.uk/resource-report/sbi-q2-2022.html). Hospitality SMEs have been fucked over big time.
It’s almost as if average working people like me are having to cut back on spending money on luxuries because bills and food are rising at a rate faster than my income is rising.