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- Most small UK factories take on debt to cope with COVID hit - survey
Most small UK factories take on debt to cope with COVID hit - survey
Reuters reports that a survey showed more than half of Britain's small and medium-sized manufacturers have taken on debt to cope with reduced demand and disruption to supply chains caused by the COVID-19 pandemic.
The Manufacturing Growth Programme (MGP), an advisory service for smaller industrial companies, said 54% of manufacturers had taken out loans - something that could crimp future investment as they repay their debt.
Around six out of 10 manufacturers surveyed by MGP said orders had dropped and that supplier times had lengthened.
Britain's economy suffered a record slump in the second quarter and data last week showed manufacturing output remained about 9% lower than its pre-pandemic level as of August.
"The results raise important questions about resilience... particularly given the uncertainties in the economy," said Martin Coats, MGP's managing director.
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