SME firms looking to reduce costs as one in 10 face closure

One in 10 small businesses in the UK can no longer operate as a result of the credit crunch, a recent survey showed.

The research commissioned by RSA highlighted the pressures facing approximately 470,000 businesses in the current financial climate. Employers in the north of the country have been most hard hit, with 16% saying they will no longer be able to continue their business operations. The South-west fared best, with only 1% confronting this problem.

Respondents specifically cited increased