Coronavirus: 75% of firms still trading but sales substantially down for two fifths
Posted: Thu 16th Apr 2020
Three quarters of businesses are still operating despite the coronavirus pandemic but turnover has taken a significant hit for almost 40% of firms.
The findings come from the Office of National Statistics which is surveying around 18,000 VAT and PAYE registered businesses on the impact of the COVID-19 crisis every two weeks.
A total of 5,316 responded between 23 March and 5 April, the first week of the UK lockdown, and just under 75% of companies were still trading. Another 24.8% were temporarily closed and 0.4% were permanently shut.
Asked about the impact on turnover, 38% said it was substantially down, 17% said slightly lower than normal while 35% said it was unaffected.
For businesses still trading, an average 21% of the workforce had been furloughed through the government's Coronavirus Job Retention Scheme which provides grants for 80% of staff wages. The portal to make claims for the scheme launches on 20 April.
Two fifths of operating companies said they are reducing staffing levels in the short term, but 7% said they have increased their workforce.
Businesses were also asked about arrangements for staff working patterns and 47% reported that employees were working remotely.
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