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 downturn’. Others impersonate well-known subscription services to get people to part with their savings and personal information. Criminals are even posing as representatives from the…

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 UK could rise to 10% of the workforce by the end of 2020. It is predicted to subsequently recede as the economic recovery gathers speed…

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 Income Support Scheme (SEISS) by removing the £50,000 cap and finding a practical solution to supporting hundreds of thousands of limited company directors who are…

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 performance to worsen in the upcoming months. However, 42% expect a relative improvement as lockdown restrictions lift. Meanwhile, 75% said that COVID-19 is still having…

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 two top obstacles to maintaining day-to-day operations. A third of firms said they intend to make redundancies over the next three months, with 13% of…

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 companies would have benefitted from ‘more extensive disclosure’. The Council has reminded companies that they should apply existing accounting policies for exceptional and other similar…

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 to make claims for these periods. Employers need to have made a claim on or before 31 July to be able to make a claim…

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 pandemic on young workers may last well beyond the easing of the lockdown. The report revealed that over the last decade, young people starting out…

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. This announcement marks a welcome change in tone, but changing behaviour and confidence will take time. ‘Close collaboration between government, employers and unions – alongside excellent…

UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS). The BBLS remains the most widely used of the support schemes available, with over…