It will take more than one year for businesses to recover from the effects of the global pandemic, says a new survey of UK finance leaders.
The figures show that UK businesses will take an average of 13 months to recover, with 43% of UK finance leaders believing it will take one to four years to fully recover. Just 30% believe they will be able to return to pre-Covid levels in under six months.
The survey of over 200 UK finance leaders, commissioned by automated Purchase-to-Pay providers Yooz, also highlighted concerns caused by new legislation driven by Brexit.
Half of the finance leaders surveyed said they feared that the UK’s exit from the EU will impact their ability to process payments as it leaves the single market and customs union.
“The impact of the pandemic twinned with Brexit disruption is acting as a two-pronged assault on UK businesses and if not managed correctly could derail them completely,” said Francois Lacas, Deputy Chief of Operations at Yooz.
“Although many businesses are starting to benefit from a more stable economy, the further delay in lifting restrictions means that financial leaders remain cautious. Having spent the last year trying to keep businesses solvent, while dealing with working remotely, furloughed staff and cash flow uncertainty finance departments across the UK continue to face tough decisions.
“Any future investments will need to be closely monitored to prove that they create efficiencies, ROI and are considerate to a more flexible working model if we’re to overcome any further disruption.”