Turnover slides at majority of UK businesses, ONS survey finds

More than half of UK firms have reported a fall in turnover, with more than a tenth saying it has at least halved, according to new figures.

The latest Office for National Statistics survey of the impact of coronavirus (Covid-19) revealed that 54% of firms said they saw a decrease in turnover for the two weeks to 26 July.

Firms in the North East of England were the worst-affected, with 61% of companies in the region saying that turnover has decreased.

Companies in Scotland were also particularly affected, with the new figures revealing that 57% of surveyed firms in the country saw turnover fall.

Meanwhile, 54% of firms in Wales and 52% of Northern Irish firms saw lower turnover.

Across the UK, 32.2% of firms said that turnover has fallen by at least 20%, with 12.3% of companies saying it has fallen by more than half.

The new figures further revealed that 10.9% of firms in the UK reported an increase in turnover despite the coronavirus pandemic.

The survey also showed that 29% of companies said operating costs were equal to or more than their turnover over the period.

It found 16% of companies said costs were higher than turnover, with another 13% saying these costs were equal to turnover as they battle tough economic conditions.