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Over three-quarters of businesses in the accommodation and food service sectors, including hotels and restaurants, experienced a drop in profits and turnover over the last few weeks compared with expectations in normal times, new data suggests.
The Office for National Statistics found that half of businesses in the accommodation and food service sectors who took part in the latest poll had less than three months worth of cash reserves left.
Twenty-eight per cent of surveyed accommodation and food firms said they had no or low confidence that they would survive the next three months, the ONS latest voluntary fortnightly business survey covering the period from 14 to 23 December said.
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