More Th>n: Inflation 10% for small businesses

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More Th>n: Inflation 10% for small businesses

Thu 25th Sep 2008

Small enterprises have been hit with inflation of ten per cent, double the official rate, according to research by insurance provider More Th>n.

In the year's second quarter, small firms - which comprise 97 per cent of British business - had cost increases of 3.4 per cent.

Micro-businesses suffered the most.

More Th>n developed what it called the "first purpose built measure of small business inflation", adding that it had been surprised by the results.

The Business Inflation Guide (BIG), created with the Warwick Business School, found that the cost structure of small firms means they suffer more.

Those dealing with the manufacturing sector are harder hit than services companies, as they need to deal with price increases in raw materials as well as fuel and energy.

This has led to a rise of 11.9 per cent over the year to June 2008.

Recent research by Abbey found that 35 per cent of entrepreneurs have missed a doctor's appointment due to a work commitment.

While the average entrepreneur works 40 hours a week, 30 per cent carry out 50 hours a week or more, making it more difficult to see health professionals.

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