New data from Time Finance has revealed the scale of impact on UK SMEs as the cost of doing business continues to rise, with 72% of businesses currently preparing for an imminent recession.
The latest survey has seen Time Finance investigate the consequences currently being felt by UK businesses as they grapple with rising energy and fuel costs, increased National Insurance and supply chain issues.
Of the businesses surveyed, one in three said they are now scaling back investment with 27% freezing wage increases, 18% halting recruitment and one in ten reducing their personnel.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans.