Four-fifths of entrepreneurs see Britain as “unbearably expensive” for business
More than half of small firms struggling to cope with rising costs
Over 80% of UK entrepreneurs believe Britain has become an “unbearably expensive” place to do business, and rampant cost inflation is limiting the growth of almost three-quarters of small firms.
These are the principal conclusions of a new study by business service provider Make It Cheaper, which also found that more than half of small businesses are struggling to meet the demands of spiralling costs.
The survey, based on responses from 750 UK small business owners, revealed that more than 50% of respondents said that their company would not be able to survive much longer if costs continue to rise at the current rates.
Furthermore, 59% of respondents claimed the high cost of doing business is acting as a disincentive for growth, and 86% said it is damaging to the economic recovery.
Jonathan Elliott, managing director of Make It Cheaper, said: “Rapid cost increases are placing the survival of small companies in jeopardy, and dampening the entrepreneurial spirit so crucial to economic recovery.”