The ONS have released a new report on the impact to business.
1.Main points
Of the 6,171 businesses responding to the Business Impact of Coronavirus (COVID-19) Survey (BICS), 24% reported they had temporarily closed or paused trading for the period 23 March to 5 April 2020, 0.3% reported permanently ceasing trading, while 75% were continuing to trade.
Of all those businesses responding within the arts, entertainment and recreation sector, 82% reported a temporary pause to trading.
Two-thirds (66%) of all businesses that were continuing to trade indicated their financial performance was outside of their “normal” range, with 93% of these saying their turnover was lower than “normal”.
Of those businesses whose turnover was outside of their “normal” range, the accommodation and food services activities sector had the highest proportion of businesses that responded their turnover was substantially lower than “normal”, at 87%.
Of those businesses that continued to trade or had paused trading, 94% indicated that they have an interest in at least one of the government schemes on offer to them; the scheme that was declared of interest most often was the Coronavirus Job Retention Scheme (CJRS), having been selected by 80% of responding businesses.
Of all responding businesses continuing to trade, 60% were confident that they had sufficient financial resources available; only 6% did not feel confident they had the resources available.
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