Home Business Covid business recovery could take one to four years, UK finance leaders say
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Covid business recovery could take one to four years, UK finance leaders say

by wrich
336 views

 

 

29 JUNE 2021, LONDON: It will take more than one year for businesses to recover from the effects of the global pandemic, says a new survey of UK finance leaders.

The figures show that UK businesses will take an average of 13 months to recover, with 43% of UK finance leaders believing it will take one to four years to fully recover.

Just 30% believe they will be able to return to pre-Covid levels in under six months.

The survey of over 200 UK finance leaders, commissioned by automated Purchase-to-Pay providers Yooz, also highlighted concerns caused by new legislation driven by Brexit.

Half of the finance leaders surveyed said they feared that the UK’s exit from the EU will impact their ability to process payments as it leaves the single market and customs union.

“The impact of the pandemic twinned with Brexit disruption is acting as a two-pronged assault on UK businesses and if not managed correctly could derail them completely,” said Francois Lacas, Deputy Chief of Operations at Yooz.

“Although many businesses are starting to benefit from a more stable economy, the further delay in lifting restrictions means that financial leaders remain cautious. Having spent the last year trying to keep businesses solvent, while dealing with working remotely, furloughed staff and cash flow uncertainty finance departments across the UK continue to face tough decisions.

“Any future investments will need to be closely monitored to prove that they create efficiencies, ROI and are considerate to a more flexible working model if we’re to overcome any further disruption.”

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy