{"id":207,"date":"2021-06-14T14:42:00","date_gmt":"2021-06-14T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/regional-cost-of-covid\/"},"modified":"2025-12-16T12:02:32","modified_gmt":"2025-12-16T12:02:32","slug":"regional-cost-of-covid","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/regional-cost-of-covid\/","title":{"rendered":"SMEs in East Anglia, London and the North West take biggest hit from coronavirus"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-no-margin hero-bg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained has-background\" style=\"padding-top:var(--wp--preset--spacing--150);padding-bottom:var(--wp--preset--spacing--150);background-image:url(&apos;https:\/\/www.simplybusiness.co.uk\/wp-content\/themes\/simply-business-uk\/assets\/images\/faq-bg.png&apos;);background-size:cover;\">\n<h1 class=\"wp-block-heading has-text-align-center has-azure-700-color has-text-color has-link-color has-max-huge-font-size wp-elements-67fb51b424b67176d6af91aca2ee0397\">SMEs in East Anglia, London and the North West take biggest hit from coronavirus<\/h1>\n\n\n\n<p class=\"has-text-align-center has-azure-700-color has-text-color has-link-color has-medium-font-size wp-elements-654ccb26f5cf7389fa277fcb70ab6ab1 wp-block-paragraph\" style=\"line-height:1.7\"><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">SMEs in East Anglia, London and the North West take biggest hit from coronavirus<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Across the UK, East Anglian SMEs feel the worst financial impact due to Covid-19, losing \u00a325,035 each so far on average and expecting losses to almost double to \u00a344,703<\/li>\n\n\n\n<li class=\"wp-block-list-item\">London SMEs have lost \u00a323,667 so far each in lost earnings, and expect losses to reach \u00a338,127 each on average.<\/li>\n\n\n\n<li class=\"wp-block-list-item\">The North West is the UK\u2019s third most affected region, losing \u00a321,982 each on average and expecting losses to amount to \u00a323,766 each on average<\/li>\n\n\n\n<li class=\"wp-block-list-item\">With the exception of London, the study found that SMEs in the North have been hit harder financially than small businesses in the South.<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Across the UK the cost of Covid-19 to UK SMEs is set to exceed \u00a3126.6bn \u2013 nearly double the \u00a369bn initially projected a year ago.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">East Anglian, London and North West SMEs will be the worst affected by the Covid-19 pandemic, according to new research by small business insurer Simply Business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The study by Simply Business spoke to over 1,200 SMEs across the UK to measure the impact of coronavirus on small businesses. The report found that SMEs in East Anglia, London and The North West have been the most affected by the pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">East Anglian SMEs have felt the greatest financial impact across the UK, with an average loss of \u00a325,035 each so far and expecting total losses to almost double to a staggering \u00a344,703. Following closely behind, SMEs in London have lost an average of \u00a323,667 so far, with a total loss of \u00a338,127 projected each. North West SMEs have suffered a total loss of \u00a339,350 each on average so far.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some regions have been hit harder than others. Nationally, SMEs have lost \u00a319,205 each on average so far due to the pandemic, and expect total losses to reach \u00a326,852, each. Some regions have experienced a financial impact greater than the UK average, whether due to difficulty in accessing government support or through tighter regional lockdowns and restrictions at different stages throughout the pandemic.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Financial hit by region:<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Region<\/th><th class=\"has-text-align-left\" data-align=\"left\">Covid cost so far<\/th><th class=\"has-text-align-left\" data-align=\"left\">Estimated total cost of Covid<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">East Anglia<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a325,035<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a344,703<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">London<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a323,667<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a338,127<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">North West England<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a321,766<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a323,766<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Scotland<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a318,637<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a325,770<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">North East England<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a317,368<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a322,920<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Wales<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a317,338<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a316,520<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">The Midlands<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a316,353<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a322,577<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">South East England<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a315,671<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a322,577<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">South West England<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a314,953<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u00a316,472<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">A North-South SME divide?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The study found the Covid 19 pandemic has emphasised the North-South divide. With the exception of London where offices emptied and many people stayed local to their hometowns, SMEs in the north appear to have been particularly hard hit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Northern regions are in the top worst affected areas and overall, SMEs in the north have lost an average of \u00a339,350 each in lost earnings. This compares to southern regions losing an average of \u00a330,624 each in lost earnings over the past 12 months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Despite clear challenges, SME optimism does exist<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SMEs contribute \u00a32 trillion annually to the UK economy and account for 99% of all UK businesses. So despite the staggering financial impact due to Covid-19, it&#8217;s reassuring to see signs of optimism and resilience among SMEs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Almost a fifth (22%) of SMEs surveyed in all regions say they&#8217;re optimistic about life after the pandemic, with one in ten (10%) stating they&#8217;re confident enough to start a new business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alan Thomas, UK CEO at Simply Business, commented:<\/strong>&nbsp;<em>\u201cThe pandemic has had a significant impact on all businesses, regardless of size \u2013 but few have been hit harder than small businesses and the self-employed.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cThe scale of the impact is abundantly clear, with Covid-19 set to cost SMEs \u00a3126.6 billion in total. The effect of Covid-19 varies across regions with some being hit even harder than others. This is a huge blow to the economy at large, but will have an even greater impact on the people behind these firms \u2013 small business owners, all of which have families, livelihoods, and dreams to protect.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cAt Simply Business, we\u2019re encouraged to see losses in some regions begin to stabilize. SMEs themselves remain brilliantly resilient about life after Covid-19. As the economy continues to re-open, it\u2019s vital we pay attention to, and support small businesses as much as we can. Shopping local, visiting your local bakers or hairdressers, and ordering online from small businesses, will go a long way in helping them survive and thrive into the future.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can read the full Simply Business report looking at the impact of coronavirus on small businesses in the UK&nbsp;<a href=\"#\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">-Ends-<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Methodology:<br>Data: Survey of 1,206 small business owners from across the UK, conducted March 2021<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Previous survey from last year: Survey of 3,734 small business owners from across the UK, conducted May 2020<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How did we calculate the \u00a3126.6 billion figure?<br>March 2021: 94% of SMEs surveyed say Covid-19 has\/will affect them financially We asked small businesses how much they estimate the coronavirus pandemic will cost them in total, including lost earnings, jobs and revenue. The weighted average of this cost is \u00a322,461 How did we calculate the \u00a369 billion figure? May 2020: 100% of small business owners surveyed reported being affected financially by the coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We asked small businesses how much they estimate the coronavirus pandemic will cost them in total, including lost earnings, jobs and revenue. The weighted average of this cost is \u00a322,461. \u00a311,779 multiplied by the number of SMEs in the UK = \u00a3134,766,000,000<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">For further information, please contact:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Frank PR<br><a href=\"mailto:SimplyBusiness@welcometofrank.com\" target=\"_blank\" rel=\"noreferrer noopener\">SimplyBusiness@welcometofrank.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-block-block\">About Simply Business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__http:\/simplybusiness.co.uk__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CgxPfLGQ$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply Business<\/a>\u202fis one of the UK\u2019s biggest business insurance providers, specialising in public liability insurance for small and midsize enterprises. Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,200 people across offices in London and Northampton, UK; and in Boston, Massachusetts; and Atlanta, Georgia, in the U.S. Owing to the insurance provider\u2019s internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types \u2013 ranging from plumbers to accountants to dog walkers.\u202fIts UK brand campaign \u2013 \u2018<a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__https:\/www.simplybusiness.co.uk\/campaign\/small-businesses-deserve-our-best\/__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CxklTDMU$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply The Best<\/a>\u2019 \u2013 aims to help UK small businesses feel \u2018the best\u2019 about their business insurance.<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-800-color has-cyan-100-background-color has-text-color has-background has-link-color wp-elements-86c736f3dcae423b1758adb8308d063f has-global-padding is-layout-constrained wp-container-core-group-is-layout-80fb368b wp-block-group-is-layout-constrained\" style=\"border-radius:8px;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"has-text-align-center has-xsmall-font-size wp-block-paragraph\">We create this content for general information purposes and it should not be taken as advice. 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