70% of UK small businesses fear closure due to rising costs, with material costs and hidden bank fees as key concerns.
A recent survey of 500 UK small businesses reveals that 70% fear closure due to rising costs, with 49% citing material costs and 19% highlighting hidden bank fees as key concerns. Despite efforts to cut expenses, 88% of firms feel they are doing all they can, yet 69% remain anxious about survival. Many are negotiating supplier rates and reducing energy use, while 56% have resorted to layoffs. The financial app Wise advocates for transparency in international transaction fees to alleviate burdens on SMEs.
September 29, 2024
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