UK Business Leaders Need To Adapt Urgently To Weather Storm

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The combination of the pandemic and the imminent exit of the U.K. from the European Union has made … [+] many British businesses vulnerable. (Photo by Christopher Furlong/Getty Images)

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As if things were not bad enough, with the U.K.’s government announcing fresh restrictions in an effort to stem the advance of the long-anticipated second wave of the coronavirus, research published this week reveals many of the country’s businesses to be in pretty bad shape. The report by Goldsmiths, University of London in partnership with the technology company Microsoft finds that more than half of organizations surveyed have seen a decrease in revenue this year compared to last year, with more than one in five experiencing a drop greater than 15%. The same proportion had to scrap an existing business model within days of entering the lockdown announced in March, with 45% of leaders questioned expecting their current business model to cease to exist in five years.
Nor is this the only study supporting what many must suspect to be true. Just-published results from a study commissioned by the comparison platform KnowYourMoney.co.uk indicate that three in 10 business leaders in the U.K. fear their organizations will …

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