British Chambers of Commerce (BCC) and Funding Circle polled 1,000 UK businesses, particularly small and mid-size enterprises (SMEs)
UK SMEs are optimistic about growth and recovery post-COVID-19, with 63% stating they have specific plans or intentions to expand in the next 12 months. Where 68% of the manufacturing sector is optimistic about growth, so are 58% of firms across B2C sectors like hospitality, catering, and retail.
91% of businesses expect to fully restart by the end of the year. In April, 53% of SMEs have already begun or returned to pre-pandemic levels, and 27% could achieve this by October.
The risk of further lockdowns (38%), social distancing protocols (37%), low consumer demand (33%) are among the biggest concerns SMEs have. Claire Walker, co-executive director, highlights the growing “cautious optimism” that’s following the economy’s recovery.
[2 minute read]