40% of businesses report decrease in revenue
A report published by Addition, the outsourced finance solution for SMEs and start-ups, has revealed the cities that were most impacted by economic issues such as Brexit and the pandemic over the last 12 months.
With 40% of businesses reporting a decrease in revenue over the last year, Leicester-based businesses have been most impacted. Manchester came in at second with 35%, and London was sixth with more than a quarter (26%) of businesses reporting a loss in revenue.
Cities have also struggled to recruit employees, demonstrating that skill shortages and economic fluctuations are impacting massively the job market across the UK.
In Bristol 39% of businesses are struggling to recruit the right talent. One in four (25%) of firms in London are finding it hard to recruit, and Newcastle is the least impacted, with a mere 13% of businesses with concerns about recruiting.
The table below outlines how the cities ranked in terms of economic impact and struggling to recruit the right talent.
|Revenues Impacted Most||Most Recruitment Struggles|
Addition Founder and CEO, Graham Davies, commented: “We believe it is critical to understand how businesses are being impacted in the short-term. Our national reports give detailed insights into how business owners are coping with every aspect of running their business and help us to understand future trends or potential concerns.”