More than half all UK large and medium sized businesses expect a substantial drop in revenue this year due to the coronavirus outbreak.
The findings are taken from a new poll commissioned by private equity provider, Leonne International, and conducted by Censuswide. It quizzed 200 senior business decision-makers on the government’s response to the Covid-19 crisis.
The polling was conducted between Wednesday 18th March – Thursday 19th March after the Chancellor’s announcement of a £330 billion package to support businesses cope with the outbreak.
52% agreed that the government was doing enough to help companies tackle the crisis, with 48% disagreeing.
Nearly one third (28%) said they now were actively planning to make redundancies to survive the crisis, with 72% against.
Furthermore, 56% of business chiefs said they predicted an economic crash ‘worse than 2008’ with 44% disagreeing. Whilst 40% expected a major house price crash this year, as a knock-on effect of the outbreak.
When it comes to support for businesses, 47% said there should be more collaboration between the global business community to devise a plan of action to address the implications of the outbreak.
43% of respondents also said that banks should offer businesses ‘zero-interest’ loans to support them through the crisis.
Additionally, 24% said that their bank was reluctant to provide the necessary short-term financial support to tackle the crisis, with 76% against.
“It’s clear that the Chancellor’s swift and decisive action has provided much-needed support to business leaders, despite the huge disruption caused by Covid-19,” said Michael Haston, CEO of Leonne International.
“With millions of jobs at stake and tens of thousands of businesses seeing a sharp decline in revenue, it’s essential that the government stands squarely behind British businesses to help them through this crisis.
“However, there needs to be a much more concerted effort within the wider business community to help companies get access to the financial and support they need to avoid lay-offs.
“It’s also critical that banks and financial services providers do everything in their power to help companies get access to the credit they need.”