A third of small business owners say they’re being forced to work a second job to survive

One in three UK small business owners say they need a second job to make ends meet, while working an average of 45 hours a week in their business. The findings highlight financial pressure on firms seen as important to the economy, with many also delaying growth or cutting investment.

The report draws on 3,406 responses across seven polls since spring 2023 and says 57 per cent of owners have never had a mentor, rising to 63 per cent among sole traders. A separate survey found 77 per cent of high street businesses had delayed growth plans and 42 per cent had cut customer-facing staff; owners cited costs including VAT, business rates, energy and supplies. The article says the Chancellor is considering changes to business rates relief ahead of the Budget, including raising the threshold for full relief.