Welcome to our latest issue. It has been a very challenging time for many of our clients, their families, their employees and the wider business community.
During this difficult time, we hope you’re staying safe. The ongoing news of the impact of the coronavirus pandemic and how it is affecting everyone is a huge concern for us all. Understandably, people are worried about the general economic outlook and their own personal finances.
The Government’s actions to help businesses and households manage the short-term economic disruption, such as interest rate cuts and rescue packages, have been positively received, but the intended consequences are yet to materialise.
The Government has created new legal powers in the COVID19 Bill, enabling it to offer whatever further financial support it thinks necessary to support businesses. On 17 March, the Chancellor, Rishi Sunak, announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330 billion of guarantees – equivalent to 15% of the country’s GDP.