Covid-19 caused steep decline in SME turnover – BoE research
Government support stemmed collapse but younger firms suffered
Small and medium-sized enterprises’ (SMEs) turnover was significantly impacted by the Covid-19 pandemic, according to new research from the Bank of England.
Using data to track the performance of over two million SMEs in the UK, a group of BoE economists shows there was a “steep decline” in turnover following the first pandemic shock in April 2020.
“Even by December 2020, the latest data point that we analyse in this paper, the average SME had not yet recovered fully,” note James Hurley
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