SMEs facing pressures similar to pandemic

THE Government needs a series of major reforms to arrest business closures and decline on the high street - including cutting costs, overhauling business rates and ending late payments, according an influential committee.

- HENRY SAKER-CLARK

A report by Parliament's Business and Trade Committee found that small business across the UK are now operating under pressures similar to, and in some cases worse than, those experienced during the Covid-19 pandemic.

Liam Byrne, chair of the committee, said a "more coherent and ambitious plan" is needed to support businesses.

The fresh report by the committee found that current pressure are "cumulative, structural and self-reinforcing".

It added that the level of current pressures mean there is a risk of accelerating business closures and the Government undermining its growth agenda without action.