January 25th, 2023.

Nearly 60 per cent of small businesses fear their business could be going under in the coming year as a result of economic instability.

An increasing number of companies are under stress as they are hit by inflation, higher energy bills and an economy likely heading into recession. Plus, legacy Covid debt still has to be repaid.

Small businesses in Norwich are most at risk of closure, with 74 per cent of small business owners saying they could go under this coming year, according to Towergate Insurance.

Businesses in Manchester, Sheffield and Brighton are also in the top four locations most at risk of business closures.

Human resources is seen as the sector most at risk of closures, followed by finance and manufacturing, with supply chain delays seen as the biggest threat to business survival.

The jumpy outlook comes on top of the number of firms on the brink of going bust jumping by more than a third at the end of last year, according to...

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