Recent statistics from the Office for National Statistics underscore a significant cash crisis in the transport and storage sector. Revealed in Wave 123 of the Business Insights and Conditions Survey, a staggering 36.8% of companies in this category report having no cash reserves, a sharp rise since 2020. This compares unfavorably to the manufacturing and retail sectors, where only 10.9% and 16.4% of firms, respectively, report a similar lack of reserves. The data paints a dire picture of financial health within the logistics industry, reflecting broader economic challenges and vulnerabilities.
The ONS' Business Insights survey reveals that 36.8% of transport & storage firms report having no cash reserves, a significant increase since June 2020.
David Jinks emphasizes the stark contrast, stating that only 10.9% of manufacturing and 16.4% of retail firms report insufficient cash reserves.
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