East Anglian, London and North West SMEs will be the worst affected by the Covid-19 pandemic, according to new research by small business insurer Simply Business.
The study by Simply Business spoke to over 1,200 SMEs across the UK to measure the impact of coronavirus on small businesses. The report found that SMEs in East Anglia, London and The North West have been the most affected by the pandemic.
East Anglian SMEs have felt the greatest financial impact across the UK, with an average loss of £25,035 each so far and expecting total losses to almost double to a staggering £44,703. Following closely behind, SMEs in London have lost an average of £23,667 so far, with a total loss of £38,127 projected each. North West SMEs have suffered a total loss of £39,350 each on average so far.
Some regions have been hit harder than others. Nationally, SMEs have lost £19,205 each on average so far due to the pandemic, and expect total losses to reach £26,852, each. Some regions have experienced a financial impact greater than the UK average, whether due to difficulty in accessing government support or through tighter regional lockdowns and restrictions at different stages throughout the pandemic.
