Joanna Elson, the chief executive of the Money Advice Trust, provided the following comments along with the report: “Covid-19 has dealt a huge and sometimes devastating blow to the finances of self-employed people across the country.

“Government support has helped in the short-term, but any hope of a financial recovery remains a long way off for many – and the millions excluded from support are facing severe challenges.

“The impact of this crisis goes far beyond the business, with personal and family finances taking the brunt.

“Most worryingly, all of these challenges are coming at a severe cost to the mental health of self-employed people.”

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