There are fears that 2023 could see a wave of company failures as the cost of living crisis continues.
There are growing fears that 2023 could see a wave of company collapses as the cost of living crisis continues.
Mr Jones said his Manchester-based company has been in survival mode since March 2020, with high costs, debt, low consumer confidence and post-Brexit trading problems all bearing down on the business. The number of county court judgments served against companies in the same period jumped by 52% compared with 2021.Ms Palmer said that up until now low interest rates and loans had helped firms. In the pandemic, Covid loans and a longer time to pay taxes had meant that support had continued.
"If you are the head of a small business, you've got close relationships with your staff, your suppliers. And you don't want to worry anyone, so you don't necessarily talk to your friends, family, or even your partner about it," she added.
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