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Money woes | Half of businesses will run out of cash

Half of businesses will run out of cash

UK businesses could face mass losses in the coming months despite the Government’s increased efforts to protect organisations and staff with the introduction of the Coronavirus Job Retention Scheme, reported The Guardian.

According to a fortnightly survey on the economic impact of COVID-19 produced by the ONS, it was revealed that 44% of firms stated that their reserves would last for less than six months. 24% of the businesses surveyed claimed that they were unsure how long their cash reserves would last, and four per cent said they had no spare cash at all. Just 27% revealed that they had enough cash that would last beyond six months.

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