Business groups cautious on easing of lockdown restrictions
Businesses groups have given a cautious response to the easing of lockdown restrictions in England announced by Prime Minister Boris Johnson last week. Josh Hardie, Deputy Director General at the Confederation of British Industry (CBI), said: ‘Businesses know the return to offices must not risk an infection spike. Firms can be knocked down once, not twice. […]
Lockdown has ‘negatively impacted young people’s labour market outcomes’
The coronavirus (COVID-19) lockdown has negatively affected young people’s labour market outcomes, according to a report published by the Institute for Fiscal Studies (IFS). The report, which was funded by the Turing Institute, found that the COVID-19 pandemic threatens to ‘severely disrupt’ young workers’ career progression. It also suggested that the economic impacts of the […]
Claims deadline approaching for first phase of furlough scheme
Coronavirus Job Retention Scheme (CJRS) claims for periods ending on or before 30 June 2020 must be made by 31 July 2020, HMRC has reminded employers. Employers and agents must submit all CJRS claims for periods ending on or before 30 June 2020 by 31 July 2020. After this date it will not be possible […]
FRC urges companies to provide high-quality disclosures on impact of coronavirus
The Financial Reporting Council (FRC) has urged companies to provide more detailed disclosures on the impact the coronavirus (COVID-19) has had on their firm. In a new review, the FRC stated that although companies provided sufficient information to enable individuals to understand the impact COVID-19 has had on their performance, position and future prospects, some […]
UK economy ‘still stuck in first gear’
The UK’s economy is ‘still stuck in first gear’, with many businesses operating at half their pre-coronavirus (COVID-19) capacity, according to the British Chambers of Commerce (BCC). The BCC’s Coronavirus Impact Tracker found that over half of businesses were suffering from reduced demand. In fact, customer demand and possible future local lockdowns were rated the […]
Fifth of small firms expect poor performance in next three months, data suggests
Data published by the Federation of Small Businesses (FSB) has suggested that a fifth of small businesses expect their performance to be ‘much worse’ over the next three months as a result of the coronavirus (COVID-19) lockdown. The FSB’s latest Small Business Index (SBI) showed that 23% of the 1,400 business owners polled expect their […]
Committee suggests many have ‘fallen through gaps in support schemes’
The Treasury Select Committee has found that over a million people have ‘fallen through the gaps’ of the government’s coronavirus (COVID-19) support schemes. The Committee has made a series of recommendations to the government to help those in need of support. These include tackling the ‘cliff edge’ that exists in the design of the Self-employment […]
NIESR calls for furlough scheme to be kept open
The National Institute of Economic and Social Research (NIESR) has called for the government to keep the Coronavirus Job Retention Scheme (CJRS) open for longer. The CJRS is being wound down after helping support 11 million people through the crisis, and will come to an end in October. The NIESR predicts that unemployment in the […]
Public warned to watch out for top coronavirus scams
Fraudsters are exploiting people’s financial concerns during the coronavirus (COVID-19) pandemic, UK Finance has warned. The trade body highlighted some of the most common scams as it launched a campaign called Take Five to Stop Fraud. According to UK Finance, some scams manipulate innocent victims, urging people to invest and ‘take advantage of the financial […]
Mixed picture for retail sector, CBI finds
Retail sales were broadly flat in the year to July despite three months of sharp declines, according to the monthly Distributive Trades Survey published by the Confederation of British Industry (CBI). However, the improvement was primarily driven by stronger grocery sales, with non-essential retailers continuing to struggle despite the easing of lockdown restrictions. Alongside higher […]