By Henry Saker-Clark - Aug 13, 2020
More than half of companies said they saw a drop in turnover in the two weeks to July 26.
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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 revealed that 54% of firms said they saw a decrease in turnover for the two weeks to July 26.
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 also revealed 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.
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