Unpaid Invoices affecting 54% of UK Businesses

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unpaid invoices

As the United Kingdom continues to ease its Coronavirus restrictions, 54% of current actively trading Businesses are facing piles of unpaid invoices.

The results from a survey by the Office of National Statistics make for shocking reading. The survey which was given the title ‘The Business impact of Coronavirus’ has just published their findings.

1 in 10 businesses are in moderate or severe financial risk of insolvency but on a positive note, 79% of Uk firms are considered low risk or no risk at all.

Nearly half of all Uk Businesses have seen revenues decline with 1 in 10 reporting that their cash flow had halved compared with 12 months ago.

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.

And 11% of the workforce remain on furlough, the ONS estimated, down from 13% a week prior.

1 in 5 people (20%) in Britain are still working from home full-time, according to the data. However this is down from the high of 38% in mid June.

Businesses are being urged to face up to unpaid invoices and act before it is too late. Debt Collection Agencies are said to be a major contributor towards combating the problem.

Some 57% of employees are now commuting to their place of work as Boris Johnson pushes for more people to get back to the office to help save city centre economies and prevent a collapse in the commercial property market.

A full copy of the survey Business impact of coronavirus can be found here.

 

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