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Record number of firms face closure

Borrowing not sustainable

The quarterly monitor by the Federation of Small Businesses (FSB) suggests that a record number of small businesses expect to shut this year unless the Government steps in with more help. A quarter of a million businesses could be lost, it said. The FSB has proposed support measures to ministers which aim to help many self-employed workers currently excluded from aid. A recommended Directors Income Support Scheme would pay grants of up to £7,500 to cover three months of lost trading profits. It would be limited to those who earn less than £50,000 a year. Chancellor Rishi Sunak is currently considering the proposal. FSB national chair Mike Cherry said: "The development of business support measures has not kept pace with intensifying restrictions.”

Read more: The Times


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