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City Hall report: A quarter of London businesses on brink of collapse

PHOTO: Daily Express

By Stefan Boscia | 13 May 2020

CITY A.M. — Almost a quarter of London businesses are on the brink of collapse, according to new figures from City Hall.

A YouGov survey commissioned by City Hall’s London Growth Hub found 23 per cent of the capital’s businesses won’t last more than two months of the coronavirus lockdown, which began on 13 March.

The report found that five per cent said they could not last more than one month.

It also said that 36 per cent of London’s businesses would require rent relief over the next six months to stay open.

The report comes as the Office for National Statistics announced today that the UK’s economy contracted by two per cent in the first quarter.

This was on the back of a 5.8 per cent drop in GDP in March when the UK’s Covid-19 lockdown began. […]

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