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Business in Lockdown: I was always lucky but now my savings are gone

SHARE England s business heartland is in the depths of its third lockdown of the pandemic and the outlook is bleak for the country’s smaller companies. On Friday it was announced British retail sales suffered the largest annual fall in history in 2020 – dropping 1.9 per cent from 2019. Without a boost to government support schemes at least 250,000 of the 5.9 million small companies in the UK are set to close in 2021, according to the Federation of Small Businesses. Entrepreneurs are hoping for relief from a £3bn scheme to help a million small business owners who pay themselves through dividends rather than salaries. A proposed Directors Income Support Scheme would pay sole directors up to 80 per cent of lost profits for three months, up to a ceiling of £7,500, offering a small boost for entrepreneurs, who have so far received nothing.

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