Home » Small business news roundup- 22nd January 2021

Small business news roundup- 22nd January 2021

Covid-19: Vaccination rollout begins for over-70s in England

Reports confirm that vaccinations for people over the age of 70 and the clinically vulnerable have begun this week, commencing the 18th January 2021. More than five million people will be invited to have the jab, with the introduction of ten new mass vaccination centres making this possible to accomplish across England.

For the full story, click here. 

CBI calls for more business support before Budget

Reports suggest changes need to be made now, rather than waiting until the Budget meeting takes place on March 3rd.

The CBI has stated that the chancellor needs to extend the furlough scheme, which is set to end in April, ahead of March’s Budget meeting.

With the current lockdown affecting many businesses, and the hope of the restrictions ending looking slim, many businesses are closing. The CBI is calling for the Treasury to extend the business rates holiday for at least another three months.

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Big companies must pay small business suppliers within 30 days

The government has reported that, from 1st July, large companies will have to pay 95% of invoices for small business suppliers within 30 days. This is designed to halve the late-payment window and comes as the government cracks down on large companies taking too long to pay invoices.

With many businesses exceeding the 60 days payment window, this has an impact on cashflow. Reports suggest “£23.4bn worth of late invoices are owed to firms across Britain.”

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UK borrowing hits highest December level on record

Government borrowing hit £34bn last month. This is the highest December figure on record. Reports suggest that the data gained from the last year of borrowing will guide Chancellor Rishi Sunak in his March Budget meeting.

“Rishi Sunak has already imposed a pay freeze on at least 1.3 million public sector workers as a way of containing government spending.”

Reports suggest borrowing rose not only through the business support schemes, but also due to the cost of vaccines, testing equipment and the considerable amount of PPE needed, which totalled to £9bn in borrowing.

For the full story, click here. 

Covid-19: Ministers to discuss £500 Covid payment to boost self-isolation rates

A leaked report from the Department of Health has indicated the proposal to pay anyone in England who tests positive with COVID-19, £500 to self-isolate. This is thought to apply to anyone with any background and salary.

This is suggested as a way of supporting people financially who may not want to self-isolate in fear of not being paid.

Reports however, say this is only in the discussion phase and has not yet been considered by the Prime Minister.

For the full story, click here.