It would appear that ‘yes’ is the short answer, but…
What's happened today to help us then?
Another brief update…
The Bank of England base rate
The Bank of England have further reduced the base rate from 0.25% to 0.1%. That with some Quantitative Easing (QE) should make it a little easier for the banks to lend.
The majority of clients I speak to think the new loan regime – CBILS – is not the answer. Why take on extra debt if you don’t know what your income streams will be?
More practical help needed
More practical help for businesses and employees would be more than helpful. For example within the last 24 hours the changes to off payroll working have been delayed 12 months to start in April 2021. This is a welcome reprieve, but how many contractors have already had their contracts cut or closed their company etc?
We know a little more about the grants: but they are to be administered through local authorities, and they don’t even know the process yet.
What we have been told is that more details on a package to help workers will follow tomorrow (Friday) from Rishi Sunak.
So, more tomorrow!
If you need to know more speak to your Blu Sky Account Manager. And remember everyone, be kind to supermarket workers.
A bit of a caveat here. This is based on…
If income is dropping, slowly or quickly, you’ll need to…