One in 10 businesses have admitted they are at risk of insolvency due to the pandemic.
The figure is revealed in the latest business impact of coronavirus survey from the Office for National Statistics (ONS) which shows 10 per cent said their enterprise is at ‘moderate risk of insolvency’ and one per cent put the risk at ‘severe’.
The survey a found that 12 per cent of the workforce remain on furlough leave, with 67 per cent of furloughed employees receiving top-ups to their pay.
Almost a quarter, 23 per cent, said turnover has decreased by up to 20 per cent, rising to 50 per cent among 17 per cent of respondents.
However, the data, taken from the Business Impact of Coronavirus Survey (BICS), showed that almost four in five businesses (78%) were at ‘low’ or ‘no’ risk of insolvency.
Commenting on the figures, ONS Senior Statistician Chloe Gibbs said “Despite recent economic news, it is encouraging to see that four in five businesses say they are at no or low risk of going bust.”
“Road traffic data show that the number of car journeys is returning back to normal levels as people venture out to shops and travel to work.”
