The latest figures on use of the Coronavirus Job Retention Scheme show that 11.7m jobs were supported by furlough throughout the pandemic, highlighting the risk of HMRC investigations Since the start of the scheme in March 2020 a total of 11.7m jobs have been supported by the CJRS at various times and the scheme was…
Read more
Almost a third of coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS) loans, amounting to £22bn, will go into default, claims ACP Altenburg Advisory The debt advisory specialists state that the initial estimates from the Office for Budget Responsibility (OBR) will be correct and that the defaults will reach £22bn, which…
Read more
The Treasury announced yesterday that it was to support hundreds of thousands of people as part of a £500m expansion to the government’s Plan for Jobs scheme As part of his speech at the Conservative party conference in Manchester, Rishi Sunak ramped up his message that he is ‘ready to double-down’ on his promise to…
Read more
The number of people on furlough has fallen to the lowest level since the start of the pandemic as the UK economy continues to recover and businesses reopen A total of 1.6 million people were on furlough as of 31 July, down from almost two million on 30 June, while around 800,000 people have claimed…
Read more
Insolvency and restructuring trade body R3 is urging directors of Covid-hit businesses to use the final month of the government’s furlough scheme to plan for the future and address any financial issues they face. The furlough scheme ends on 30 September, and employers have until 14 October to claim wages for staff who have…
Read more
Half of UK SMEs, 56%, expect to recruit more staff over the next year with 60% of SMEs intending to invest in their businesses, with only 20% intending to borrow, according to the Azets’ SME Barometer. A survey by UK accountancy firm Azets found that 68% of SMEs feel positive about the economic outlook…
Read more
Around 660,000 jobs will likely still need furlough when the scheme ends in September with thousands being pushed into unemployment if the government doesn’t extend it past the deadline The analysis from the New Economics Foundation (NEF) found that the additional 20% employer contributions towards furlough wages at the start of August will not be…
Read more
Following the Chancellor’s Budget back in March, the scale of the shock to the UK economy as a result of covid-19 is now clear. Covid-19 is now estimated to have reduced gross domestic product (GDP) by as much as 10% in calendar year 2020. And yet despite this apparent doom and gloom, corporate insolvencies appear to tell…
Read more
