A new study suggests that the impact of the coronavirus pandemic will prompt SMEs to slash 1.4m jobs without an intervention by the Government. A survey by software firm Sage found that management culls are likely to account for much of the job losses. More than three-fifths of companies polled have already launched redundancies or are planning to do so.
Some 79% of businesses do not expect be making the same profits they did before the pandemic by the end of the year. Sage said small firms could be encouraged to invest in technology with tax breaks and other measures, whilst the company also called for the government to back new business creation, boost training and help firms to grow their exports.