Coronavirus: Just 1% of UK firms have permanently shut as a result of crisis

Just 1% of UK firms had reported they had permanently ceased trading by the beginning of May, six weeks after the country went into lockdown due to the coronavirus pandemic. New data from the Office for National Statistics (ONS) from a survey of more than 18,000 businesses found that 22% of firms had at least temporarily paused trading in the two weeks to 3 May. But the comparatively low proportion of firms that have permanently shut their operations will ease fears about the longer-term economic impacts of the pandemic, even as the Bank of England last week warned the country was facing its worst recession in 300 years. The new data also comes after the Bank of England last week warned that the country was on the precipice of its worst recession in over 300 years.