Home » Small Business News Round-up-14th August 2020

Small Business News Round-up-14th August 2020

Further Lockdown Restrictions Eased

From tomorrow the following lockdown restrictions have been eased:

Under the latest changes:

  • Indoor theatre, music and performance venues will be able to reopen with socially distanced audiences
  • Wedding receptions in the form of a sit-down meal for up to 30 guests will be permitted
  • The piloting of a small number of sporting events to test the safe return of spectators will resume, commencing with the final of the World Snooker Championship at Sheffield’s Crucible Theatre over the weekend
  • Casinos, bowling alleys, skating rinks and soft play centres will be allowed to reopen
  • “Close contact” beauty services such as facials, eyebrow threading, eyelash treatments, make up application and microblading will resume
  • Pilots will take place at conference venues ahead of the expected resumption of business events from 1 October at the earliest

At the same time, fines for not compliance have increased.

Under current guidance, people who refuse to wear a face-covering where it is required to face a £100 fine, which can be reduced to £50 if paid within 14 days.

The new enforcement measures will see that penalty repeatedly doubled for subsequent offences, up to a maximum of £3,200.

Read the full story here.

UK Officially in Recession

It was announced this week that the country is officially in recession with the biggest drop in GDP since records began.

It is a strange sort of recession with the drop in GDP almost immediately bouncing back, but it does carry the other hallmarks of a recession mass redundancies.

I feel this is going to be more of an industry-specific recession with hospitably and tourism feeling the pinch much more than construction.

Mass Redundancies

Linked to the above there have been over 730,000 redundancies made since lockdown started.

Many attribute this to the end of the CJRS (Furlough Scheme). Furlough has been a lifeline for many, but if your business has been affected and customers have not returned, then there is little option to make redundancies.

Because the economy is buoyant in some sectors, I anticipate an increase in the number of start-up businesses.

Eat Out To Help Out Scheme

One example of the bounce back is the restaurant industry, lifted by the eat out to help out scheme, which has seen a huge increase in the numbers eating out.

A survey by the data consultancy firm CGA found trade in managed outlets was up by between 95% and 106% on the first three days of the initiative which launched on Monday, 3 August, compared with the same period the previous week.

Read the full story here.

Personal Finances

The last 5 months have seen a seismic shift in most areas of British Life, and personal finances have been no exception. With the uncertainty that Covid-19 has caused, we have seen unprecedented government support, a crash and rally of the stock market and mass redundancies. Here is some advice from a financial adviser.

Ian Scott Painter from Affinity Integrated Wealth Management is a Chartered & Certified Financial Planner with over 30 years’ experience. Read the full story here.