SME's hit by pandemic

SMEs see £126bn pandemic hit A report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to UK SMEs is set to exceed £126.6bn. The study, which involved a survey of 1,206 small business owners, revealed that on average, SMEs have lost £15,673 each in earnings due to the pandemic and subsequent lockdowns. Alan Thomas, CEO of Simply Business, said: "No business, big or small, has been able to escape the impact of the C OVID-19 pandemic - with 12 months of restrictions, lockdowns, and uncertainty always likely to take its toll.” He added that with 6m SMEs in the UK – accounting for over 99% of all businesses, 33% of employment and 21% of all turnover – “this £126.6bn hole in the books of small businesses is a huge blow to the economy.”