Businesses struggling due to unpaid invoices during Covid

Figures from the Office for National Statistics (ONS) tell us that over half (54%) of businesses who had not permanently ceased trading said they were owed outstanding invoice payments between 10 and 23 August, according to the latest results from the Business Impact of Coronavirus [COVID-19] Survey (Bics).

One in ten businesses reported being at moderate (9%) or severe (1%) risk of insolvency, with 79% reporting being at low or no risk.

The Bics results also showed that during the same period 11% of employees remained on furlough, with nearly two thirds of those (62%) receiving wage top ups. Meanwhile, there was a continuing trend of reduced home working according to the latest Opinions and Lifestyle Survey (OPN), with 20% of working adults exclusively working from home.

If any businesses in Bude wish to comment, it would be interesting to hear their views. That said, Bude has just had a busy summer. The difficulties will predominantly lie in autumn/winter.

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