After surveying 135 companies last week, the chamber said Tuesday that the deadly novel coronavirus epidemic has been weighing heavily on British businesses based in China, 22 per cent of which expect their revenue this year to drop by 10 per cent to 20 per cent as a direct result of the outbreak, while 27 per cent expect a decrease of more than 20 per cent.
The surveyed firms said the biggest impacts of the virus came from reduced demand, global travel disruption and ongoing uncertainty. More than half of the businesses' offices in China remain closed and about one-third have postponed investment decisions, although 70 per cent said they had not shuttered their Chinese mainland manufacturing facilities.
'Two weeks on from our initial survey on the impact of Covid-19, British businesses continue to feel the effects of this challenging situation, and they will need support in order to recover. The majority of businesses are seeing a direct hit on their revenue as a result, and this is especially acute among smaller companies,' said chamber chairman John Moore.