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A study found that one in nine micro businesses fear they will be forced to close this year. Several owners tell us what they need to hear from the Chancellor
Many businesses have warned they are in serious trouble as the cost of living crisis continues to bite.
A study found that one in nine micro businesses – that’s around 630,000 in total – fear they will be forced to close this year.
Micro businesses usually have fewer than 10 employees.
Here, small business owners tell us what they need to hear from Chancellor Jeremy Hunt in his Spring Budget today.
‘Key task is to outline a vision that’ll excite people’
Online gift company owner Steph Douglas, 42
Steph says the number of small firms being forced to close is “terrifying”.
The owner of Don’t Buy Her Flowers, in Stroud, Glos, adds: “Brexit and the red tape involved makes it very difficult for us to sell to the EU, shrinking the potential market…“
The biggest thing the Government can do for small businesses is to set a vision for the UK that gets people excited and boosts consumer sentiment.
“The impact of fear and uncertainty has been huge since last April. We’re seeing the fallout of that in the number of [closures].”
‘Help us with rising costs and invest in infrastructure’
Sue Pankhurst, 54, runs a guest house
Sue has been forced to close most of the winter because her energy bills are around five times what they were this time last year.
She says: “It’s not just help with energy bills that we need. We provide breakfast, and the price of basics like bread has also shot up.”
Sue, who runs Cranborne House in Poole, Dorset, adds: “Small businesses get it from both sides – they’re hit by the cost of living on a personal and professional level.
“In the short term we need help with rising costs but in the longer term the Government needs to invest more in infrastructure.”
‘We won’t last far beyond summer if it stays like this’
Chris Fryer, 41, and wife Sarah, 42, run a pie firm
Chris says the Government must act fast to stop more small businesses shutting.
He adds: “Financial support needs to be continued and ramped up where required to help with uncertain and still-rising energy prices.“
Specific support for the small business sector is needed. For example, VAT could be reduced or scrapped, or other tax breaks could be applied.”
Chris says his business, Magpye in North Shields, Tyne and Wear, is particularly exposed to the economic climate because they use a lot of energy for their ovens.
He adds the extra money to pay for the firm’s energy bills, which have doubled to £800 a month, has to come out of their own pockets.
He says: “If things remain as they are or get worse we won’t be able to manage far past this summer. It feels like we’ve been hung out to dry.”
‘I don’t think things have been this bad before’
Cleo Morris, 29, founder of Mission Diverse
Cleo says it’s tougher now than she has ever known.
She runs a diversity and inclusion training provider in Birmingham, and adds: “The companies we work with are struggling with the cost of living which means resources become harder to obtain.
“On the community front where we deliver our enterprise programmes it’s the opposite. We have an influx of people who have been made redundant and are looking for a support service which we offer too.
“I’ve been in business over 10 years. I don’t think things have been this bad.”
Read more on the GoDaddyVenture Forward study at www.godaddy.com/ventureforward
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