Almost 500,000 UK small businesses ‘at risk of going bust within weeks’

Federation of Small Businesses calls on Rishi Sunak for more support to deal with ticking timebomb'

• Cost of living crisis: most small firms fear long-term fallout

Rising costs have creating a ticking timebomb" for UK small business owners, the chairman of the Federation of Small Businesses (FSB) has warned, with almost half a million firms at risk of going bust within weeks without a fresh wave of government support.

While the FSB chairman, Martin McTague, applauded the chancellor Rishi Sunak's latest support for consumers through the 15bn cost of living package announced last week, he said some of those recipients could lose their jobs unless the government rolled out targeted measures for their employers.