| 10% of small businesses 'struggling to operate' |
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 A new report has suggested that one in ten small businesses are now on the brink of collapse due to current economic crisis.Research by insurance firm RSA, which surveyed 300 small business owners, suggests 11 per cent of firms admitted they could "no longer afford to operate". According to the Daily Mail, nationwide this figure would equate to 517,000 small businesses going under. The research found different statistics across regions, with 16 per cent of respondents in the north saying they were struggling, compared to just one per cent in the south-west. A spokesman for the Forum of Private Business told the newspaper the figures were "further evidence of the destructive impact" caused by the credit crunch. "Many of our members are telling us that spiralling costs and payment problems, in particular, are being magnified by lending restrictions that are being imposed by the banks," he added. The British Banking Association recently wrote to MPs in order to outline its plans to help small businesses to deal with the economic downturn.  |
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