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Chancellor Rishi Sunak faces the unenviable task of rolling back the greatest wage subsidy scheme in recent history. This news comes to the fore as data shows the bounce-back loan scheme has proven immensely popular. The Eurozone faces the largest GDP contraction on record.
Jim Pickard highlights the monumental task at hand for the Chancellor.
Rishi Sunak is facing a decision of historic proportions as he works out how to gradually close down the £40bn furlough scheme – which is paying 6 million wages – without causing economic havoc…..(thread)
— Jim Pickard (@PickardJE) May 6, 2020
Prem Sikka weighs in with concern.
UK Furloughed employees could see their pay package reduced to 60% under new govt plans.
Pubs, restaurants, cafes, cinemas, theatres unlikely to operate normally for long time. Many face living on 60% of minimum wage. Foodbank queues will lengthen.https://t.co/ZuUDL86fcK
— Prem Sikka (@premnsikka) May 6, 2020
This news breaks as early data points to massive demand for small business bounce-back loans.
The key point for me on all this: we were SO right to call for #BounceBackLoans
1) There is huge appetite from small biz’s;
2) Now see incredible (unofficial) numbers of lifesaving £££ in small biz accounts
CBILS was needed but couldn’t deliver this volume of smaller loans https://t.co/VLqsgP0qyS
— Craig Beaumont 🇺🇦 (@craigie_b) May 5, 2020
The Eurozone faces the worst contraction of GDP on record.
Eurozone heading for its worst GDP contraction on record at 7.75% this year according to @EU_Commission forecasts. In order of magnitude for 2020:
— Mehreen Khan (@MehreenKhn) May 6, 2020
Do you work in pensions? Get in touch with Josephine Cumbo with your insights.
I am gathering thoughts on the big issues facing pensions from the Covid-19 crisis, whether that be mass unemployment; tech change or the switch to Working From Home. How will these trends impact saving and retirement ambitions for the young and old? Email email@example.com
— Josephine Cumbo (@JosephineCumbo) May 5, 2020
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