Two thirds of Britain’s microbusinesses rely on mostly unpaid support from friends and family to stay afloat, as red tape and increasing employment bureaucracy dissuades business owners from taking on new staff, a report suggests.
Friends and relatives spend an average of six hours a week helping microbusinesses, defined as firms with fewer than 10 employees, offering support such as managing social media accounts and helping with childcare.
While four-in-10 microbusinesses pay their family and friends an average salary of £14 an hour, more than half rely on unpaid support, meaning the UK’s family support economy could be worth around £64.3m a week, said Lloyds Bank Insurance, which questioned 502 company directors in its latest half-year review of Britain’s small businesses.
The Telegraph: Small firms 'relying' on friends and family to stay afloat
Comments