cityam--2020-04-19--UK considers three-stage 'traffic light' plan to exit coronavirus lockdown

Michael Gove has poured cold water on reports that schools and some shops could be re-opened by next month in an easing of the UK ’ s coronavirus lockdown restrictions .
When asked about a government report first leaked to Buzzfeed about the UK ’ s three-stage lockdown exit plan , Gove said it was not correct that schools could be open by 11 May and that “ it would be wrong to get ahead of ourselves ” .
Read more : Michael Gove hits out at reports Boris Johnson skipped coronavirus meetings Multiple outlets reported this morning that the @ @ @ @ @ @ @ exit strategy that would see some lockdown measures lifted in just three weeks .
The so-called “ traffic light ” plan , a method first proposed in City A.M. earlier this month , would reportedly see schools open at the earliest on 11 May and some retail stores and garden centres opened by late May as a part of the first stage of the plan .
The Sunday Times reports that the second “ amber phase ” could see more businesses opening and some small social gatherings allowed by early June .
The @ @ @ @ @ @ @ to work at this point .
The final stage , coming as early as late summer , would see pubs and restaurants back open and large social gatherings allowed .
However , people over the age of 70 or those considered vulnerable to the effects of coronavirus may have to stay inside until a vaccination can be widely administered .
Leading vaccinologist Sarah Gilbert , a professor at Oxford University , told the BBC today that her team was hoping to have a trial vaccine up and running by September , but that @ @ @ @ @ @ @ ” when it could be ready to administer widely .
The Sunday Times report added that the three-stage plan could also begin at a later date in summer or early autumn , with a number of options to be presented to Boris Johnson .
It comes as the number of people to die in UK hospitals from Covid-19 hit 15,464 yesterday .
Chief medical officer Chris Whitty said earlier this week that the UK was now likely reaching the peak of the coronavirus outbreak , with the growth in new infections beginning to @ @ @ @ @ @ @ potential three-stage plan to end the UK ’ s coronavirus lockdown , Gove told Sky News : ” I think it would be wrong to get ahead of ourselves here .
Read more : UK extends coronavirus lockdown for at least three more weeks “ It is the case that if we manage to ensure that the rate of infection has kept low , if we can see the rate of deaths falling , if we can make sure that the NHS ’ s capacity is as strong as it can be , @ @ @ @ @ @ @ the steps we may be able to take in order to release some of the restrictions that are already in place .
“ But the important thing is that we ’ re guided , as we have been throughout , by the facts and by the scientific advice that we receive and the facts and the advice are clear at the moment , that we should not be thinking of lifting these restrictions yet .
”

UK considers three-stage ‘traffic light’ plan to exit coronavirus lockdown
Michael Gove has poured cold water on reports that schools and some shops could be re-opened by next month in an easing of the UK’s coronavirus lockdown restrictions.
When asked about a government report first leaked to Buzzfeed about the UK’s three-stage lockdown exit plan, Gove said it was not correct that schools could be open by 11 May and that “it would be wrong to get ahead of ourselves”.
Multiple outlets reported this morning that the government has drawn up a three-stage coronavirus exit strategy that would see some lockdown measures lifted in just three weeks.
The so-called “traffic light” plan, a method first proposed in City A.M. earlier this month, would reportedly see schools open at the earliest on 11 May and some retail stores and garden centres opened by late May as a part of the first stage of the plan.
The Sunday Times reports that the second “amber phase” could see more businesses opening and some small social gatherings allowed by early June.
The government would also encourage people to return to work at this point.
The final stage, coming as early as late summer, would see pubs and restaurants back open and large social gatherings allowed.
However, people over the age of 70 or those considered vulnerable to the effects of coronavirus may have to stay inside until a vaccination can be widely administered.
Leading vaccinologist Sarah Gilbert, a professor at Oxford University, told the BBC today that her team was hoping to have a trial vaccine up and running by September, but that it was “very difficult to predict” when it could be ready to administer widely.
The Sunday Times report added that the three-stage plan could also begin at a later date in summer or early autumn, with a number of options to be presented to Boris Johnson.
It comes as the number of people to die in UK hospitals from Covid-19 hit 15,464 yesterday.
Chief medical officer Chris Whitty said earlier this week that the UK was now likely reaching the peak of the coronavirus outbreak, with the growth in new infections beginning to plateau.
When asked today about the potential three-stage plan to end the UK’s coronavirus lockdown, Gove told Sky News: ” I think it would be wrong to get ahead of ourselves here.
“It is the case that if we manage to ensure that the rate of infection has kept low, if we can see the rate of deaths falling, if we can make sure that the NHS’s capacity is as strong as it can be, then we can think about some of the steps we may be able to take in order to release some of the restrictions that are already in place.
“But the important thing is that we’re guided, as we have been throughout, by the facts and by the scientific advice that we receive and the facts and the advice are clear at the moment, that we should not be thinking of lifting these restrictions yet.”


cityam--2020-04-19--Michael Gove hits out at reports Boris Johnson skipped coronavirus meetings

Senior minister Michael Gove has defended Boris Johnson ’ s efforts during the coronavirus crisis after an explosive report claimed the Prime Minister missed a series of coronavirus Cobra meetings .
The Sunday Times reported today that Johnson missed five of the crisis meetings in late January and early February when the coronavirus first began to spread outside of China .
It also reported that the health service was unprepared for the outbreak , despite having an in-depth pandemic response plan drawn up and despite a pandemic ranking atop the government ’ s National Risk Register .
Gove , Cabinet @ @ @ @ @ @ @ “ quad ” of four senior ministers handling the crisis , said the Sunday Times report had some “ off-beam elements ” to it and that it was “ grotesque ” to say the Prime Minister was ignoring the crisis .
Speaking to the BBC , he said : “ The characterisation of Cobra is wrong .
“ Most Cobra meetings don ’ t have the Prime Minster attending them – that is the whole point .
Cobra meetings are led by the relevant secretary of state in their relevant area .
“ @ @ @ @ @ @ @ health secretary , or whoever was chairing those meetings , reports to the prime minister , the prime minster is aware of all these decisions and takes some of these decisions.
” Shadow health secretary was quick to dismiss Gove ’ s explanation as the “ weakest rebuttal of a detailed exposé in British political history ” .
Speaking to Sky News , he said : “ None of us expect the impossible , we understand that mistakes will be made in a crisis of this nature .
Read more : UK ‘ @ @ @ @ @ @ @ , and 40,000 Brits could die “ But there are serious questions as to why the Prime Minister skipped five Cobra meetings throughout February when the whole world could see how serious this was becoming .
“ And we know serious mistakes have been made .
We know that our frontline NHS staff don ’ t have the PPE .
They ’ ve been told this weekend they won ’ t necessarily have the gowns which will keep them safe .
“

Michael Gove hits out at reports Boris Johnson skipped coronavirus meetings
Michael Gove, Cabinet Office minister and a part of the “quad” of four senior ministers handling the crisis, said the Sunday Times report had some “off-beam elements” to it
Senior minister Michael Gove has defended Boris Johnson’s efforts during the coronavirus crisis after an explosive report claimed the Prime Minister missed a series of coronavirus Cobra meetings.
The Sunday Times reported today that Johnson missed five of the crisis meetings in late January and early February when the coronavirus first began to spread outside of China.
It also reported that the health service was unprepared for the outbreak, despite having an in-depth pandemic response plan drawn up and despite a pandemic ranking atop the government’s National Risk Register.
Gove, Cabinet Office minister and a part of the “quad” of four senior ministers handling the crisis, said the Sunday Times report had some “off-beam elements” to it and that it was “grotesque” to say the Prime Minister was ignoring the crisis.
Speaking to the BBC, he said: “The characterisation of Cobra is wrong.
“Most Cobra meetings don’t have the Prime Minster attending them – that is the whole point. Cobra meetings are led by the relevant secretary of state in their relevant area.
“It is also the case that the health secretary, or whoever was chairing those meetings, reports to the prime minister, the prime minster is aware of all these decisions and takes some of these decisions.”
Shadow health secretary was quick to dismiss Gove’s explanation as the “weakest rebuttal of a detailed exposé in British political history”.
Speaking to Sky News, he said: “None of us expect the impossible, we understand that mistakes will be made in a crisis of this nature.
“But there are serious questions as to why the Prime Minister skipped five Cobra meetings throughout February when the whole world could see how serious this was becoming.
“And we know serious mistakes have been made. We know that our frontline NHS staff don’t have the PPE. They’ve been told this weekend they won’t necessarily have the gowns which will keep them safe. “


cityam--2020-04-19--Coronavirus: Knight Frank and Rightmove call for stamp duty holiday to reignite market

Estate agent Knight Frank and property platform Rightmove have both backed a stamp duty holiday as part of a package of measures to reignite the housing market after the coronavirus lockdown is lifted .
The companies have separately called for a stamp duty holiday to be among a range of measures designed to stimulate the market , which has stagnated during the pandemic Earlier this month the Royal Institute of Chartered Surveyors also called for a stamp duty holiday as a “ short term measure ” .
Liam Bailey , Knight Frank global head of research said : “ Despite @ @ @ @ @ @ @ significant amount of stamp duty revenue in 2020 , it seems clear there will need to be a stamp duty holiday to actually get the market moving once the lockdown is lifted .
“ But this move alone will not be enough – there will need to be moves across a wider number of areas including an extension to Help to Buy to support first time buyers and support activity across all price bands.
” Knight Frank has urged the government to extend Help to Buy and review the conveyancing process .
The @ @ @ @ @ @ @ more flexibility around planning obligations , such as section 106 and Community Infrastructure Levy payments .
The payments are usually paid up front however , Knight Frank has recommended that staggered payments should be considered .
Read more : Calls for stamp duty holiday as UK house prices set to fall amid coronavirus crisis Meanwhile , Rightmove said lenders should not rush to repossess homes after missed payments , which could lead to forced sales .
“ Much will depend on future trends in employment rates , as most buyers need appropriate employment @ @ @ @ @ @ @ up repayments on their existing mortgage , ” it said .

Coronavirus: Knight Frank and Rightmove call for stamp duty holiday to reignite market
The extension to the stamp duty holiday prompted a spike in house prices, Nationwide data showed
Estate agent Knight Frank and property platform Rightmove have both backed a stamp duty holiday as part of a package of measures to reignite the housing market after the coronavirus lockdown is lifted.
The companies have separately called for a stamp duty holiday to be among a range of measures designed to stimulate the market, which has stagnated during the pandemic
Earlier this month the Royal Institute of Chartered Surveyors also called for a stamp duty holiday as a “short term measure” .
Liam Bailey, Knight Frank global head of research said: “Despite the fact the government will forgo a significant amount of stamp duty revenue in 2020, it seems clear there will need to be a stamp duty holiday to actually get the market moving once the lockdown is lifted.
“But this move alone will not be enough – there will need to be moves across a wider number of areas including an extension to Help to Buy to support first time buyers and support activity across all price bands.”
Knight Frank has urged the government to extend Help to Buy and review the conveyancing process.
The estate agent also said there should be more flexibility around planning obligations, such as section 106 and Community Infrastructure Levy payments. The payments are usually paid up front however, Knight Frank has recommended that staggered payments should be considered.
Meanwhile, Rightmove said lenders should not rush to repossess homes after missed payments, which could lead to forced sales.
“Much will depend on future trends in employment rates, as most buyers need appropriate employment to get a mortgage or to keep up repayments on their existing mortgage,” it said.


cityam--2020-04-19--UK house prices dip as coronavirus lockdown makes sales 'almost impossible'

UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions .
The latest data from Rightmove showed that the averag price of property coming to market dipped 0.2 per cent to £311,950 .
In April last year UK house prices increased 2.1 per cent .
Read more : Calls for stamp duty holiday as UK house prices set to fall amid coronavirus crisis However , Rightmove said recent statistics were not “ meaningful ” as there is not currently a “ functioning market ” due to the lockdown .
@ @ @ @ @ @ @ , the company said .
“ You do not have a functioning market when buyers can ’ t buy and sellers can ’ t sell , and so the focus needs to be on what is required to help the market recover once the lockdown can safely be eased , ” Rightmove said .
Read more : UK house prices set to drop as sales plummet during pandemic The research showed that existing sellers have largely remained on the market , with total available stock for sale down 2.6 per cent since lockdown @ @ @ @ @ @ @ Shipside , Rightmove director and housing market analyst , said : “ Agents report that there is good co-operation , with both buyers and sellers keen to hold deals together .
“ While some buyers may express concern over the possibility of short-term dips in house prices , many are taking the longer-term view and living up to their commitments to proceed .
“ This is being helped by mortgage lenders extending the life of existing mortgage offers by three months , and new legal rules on flexible completion dates.
” Read more @ @ @ @ @ @ @ from coronavirus after March rise There has been an abrupt turnaround from the best start to a year since 2016 .
Pre-lockdown sales agreed in the year to 23 March were up 11 per cent on the same period last year .
However , potential buyers and sellers are still planning for the future .
Visits to Rightmove dropped 40 per cent when the lockdown was announced , however the platform ’ s sold prices section has recovered more quickly since the restrictions were implemented .

UK house prices dip as coronavirus lockdown makes sales ‘almost impossible’
The stamp duty holiday helped boost market activity and house prices
UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions.
The latest data from Rightmove showed that the average price of property coming to market dipped 0.2 per cent to £311,950. In April last year UK house prices increased 2.1 per cent.
However, Rightmove said recent statistics were not “meaningful” as there is not currently a “functioning market” due to the lockdown. New sales were “almost impossible”, the company said.
“You do not have a functioning market when buyers can’t buy and sellers can’t sell, and so the focus needs to be on what is required to help the market recover once the lockdown can safely be eased,” Rightmove said.
The research showed that existing sellers have largely remained on the market, with total available stock for sale down 2.6 per cent since lockdown was enforced on 23 March.
Miles Shipside, Rightmove director and housing market analyst, said: “Agents report that there is good co-operation, with both buyers and sellers keen to hold deals together.
“While some buyers may express concern over the possibility of short-term dips in house prices, many are taking the longer-term view and living up to their commitments to proceed.
“This is being helped by mortgage lenders extending the life of existing mortgage offers by three months, and new legal rules on flexible completion dates.”
Former RICS residential chairman Jeremy Leaf said the survey confirmed what firms are seeing “on the ground”:
“Our offices may be closed but the market is anything but quiet. Buyers and sellers are pausing, not cancelling sales, or listings, while continuing to access websites readying themselves for when lockdown restrictions are eased.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“But the market cannot re-start in isolation. We need surveyors to work with lenders, agents, and solicitors to ensure successful transitions as well as continuation of social distancing and safe visiting”.
There has been an abrupt turnaround from the best start to a year since 2016. Pre-lockdown sales agreed in the year to 23 March were up 11 per cent on the same period last year.
However, potential buyers and sellers are still planning for the future. Visits to Rightmove dropped 40 per cent when the lockdown was announced, however the platform’s sold prices section has recovered more quickly since the restrictions were implemented.
Property firm Knight Frank said that the market would require urgent government stimulus in order to get it functioning again.
According to new research from the firm, the lockdown will result in 526,000 fewer house sales in 2020, a reduction of 38 per cent on 2019.
It also expects lenders to approve 350,000 fewer mortgages as a result of coronavirus, including 150,000 to first time buyers.
In order to get the market moving quickly, Knight Frank said the government should introduce a holiday from Stamp Duty and extend the Help to Buy scheme to boost consumer confidence.


cityam--2020-04-19--UK retail parks fare better in lockdown than high streets and shopping centres

The number of shoppers visiting the UK ’ s retail destinations plunged by a record amount last month due to coronavirus , however a surge in supermarket demand helped to shield retail parks .
UK retail footfall plummeted 44.7 per cent in March due to the mandatory lockdown which restricted movement and forced all non-essential stores to close .
Read more : UK retail sales suffer worst fall in 25 years due to lockdown In the three weeks leading up to the lockdown , which was announced on 23 March , UK footfall declined 17.7 per cent on average .
@ @ @ @ @ @ @ retail footfall has dropped 83.2 per cent , according to the British Retail Consortium ( BRC ) .
Shopping centres suffered the worst drop in footfall , reporting a year-on-year drop of 43.6 per cent , as the enclosed spaces made social distancing measures more challenging .
High streets also saw a steep drop in visitors in March , with footfall down 41.8 per cent .
An increase in popularity of local convenience stores during the month reduced the impact of the lockdown on high street footfall , the BRC said .
Meanwhile @ @ @ @ @ @ @ cent decline in footfall due to their higher proportion of supermarket tenants , and their wider open spaces .
BRC chief executive Helen Dickinson said : “ Retail is facing an unprecedented challenge , particularly those geared towards high street sales .
“ Government schemes , including loans , furlough payments , and business rates respite , have been welcomed by the industry as an essential lifeline .
“ However , many jobs and businesses depend on this backing and government must remain flexible in their support over the coming weeks , with @ @ @ @ @ @ @ ”

UK retail parks fare better in lockdown than high streets and shopping centres
The number of shoppers visiting the UK’s retail destinations plunged by a record amount last month due to coronavirus, however a surge in supermarket demand helped to shield retail parks.
UK retail footfall plummeted 44.7 per cent in March due to the mandatory lockdown which restricted movement and forced all non-essential stores to close.
In the three weeks leading up to the lockdown, which was announced on 23 March, UK footfall declined 17.7 per cent on average. During two weeks of lockdown, UK retail footfall has dropped 83.2 per cent, according to the British Retail Consortium (BRC).
Shopping centres suffered the worst drop in footfall, reporting a year-on-year drop of 43.6 per cent, as the enclosed spaces made social distancing measures more challenging.
High streets also saw a steep drop in visitors in March, with footfall down 41.8 per cent. An increase in popularity of local convenience stores during the month reduced the impact of the lockdown on high street footfall, the BRC said.
Meanwhile, retail parks reported a 23.5 per cent decline in footfall due to their higher proportion of supermarket tenants, and their wider open spaces.
BRC chief executive Helen Dickinson said: “Retail is facing an unprecedented challenge, particularly those geared towards high street sales.
“Government schemes, including loans, furlough payments, and business rates respite, have been welcomed by the industry as an essential lifeline.
“However, many jobs and businesses depend on this backing and government must remain flexible in their support over the coming weeks, with footfall expected to fall even further.”


cityam--2020-04-19--Coronavirus: European IPO market 'virtually inactive' since March

The initial public offering ( IPO ) market in Europe has been “ virtually inactive ” since March due to coronavirus , however secondary equity raises have spiked as companies seek to shore up their finances during the crisis .
Only seven public offerings were launched on European exchanges between early March and mid-April , according to the latest research .
Read more : Coronavirus : Travel industry in line for £4bn support package European IPOs have raised €26.2m compared to €6.4bn in 2019 , a 99.6 per cent drop year on year .
“ The current market environment makes @ @ @ @ @ @ @ raise fresh capital , ” the Association for Financial Markets in Europe ( AFME ) said .
Read more : Insurers accused of not ‘ sharing the pain ’ with businesses during coronavirus pandemic Only four new listings have been announced since early March , compared to 25 deals in the same period of 2019 .
However , the second equity offering market has remained strong as companies scrambled to raise capital .
A total of €10.3bn in secondary offerings have been issued on European exchanges just below €11bn issued in the same @ @ @ @ @ @ @ first two weeks of April there were 52 deals with a total of €4.1bn raised as firms issue equity in an attempt to navigate the Covid-19 crisis .
AFME found that around €2.5bn of the €5.6bn capital raised between March and April this year was explicitly attributed to Covid-19 , with the majority of equity offerings raised on UK and Swiss exchanges .

Coronavirus: European IPO market ‘virtually inactive’ since March
Responsible investing is not a bubble ready to burst. It is an economic and societal transition – a revolution, writes Saker Nusseibeh
The initial public offering (IPO) market in Europe has been “virtually inactive” since March due to coronavirus, however secondary equity raises have spiked as companies seek to shore up their finances during the crisis.
Only seven public offerings were launched on European exchanges between early March and mid-April, according to the latest research.
European IPOs have raised €26.2m compared to €6.4bn in 2019, a 99.6 per cent drop year on year.
“The current market environment makes it costly for companies to list and raise fresh capital,” the Association for Financial Markets in Europe (AFME) said.
Only four new listings have been announced since early March, compared to 25 deals in the same period of 2019.
However, the second equity offering market has remained strong as companies scrambled to raise capital.
A total of €10.3bn in secondary offerings have been issued on European exchanges just below €11bn issued in the same period of last year.
In the first two weeks of April there were 52 deals with a total of €4.1bn raised as firms issue equity in an attempt to navigate the Covid-19 crisis.
AFME found that around €2.5bn of the €5.6bn capital raised between March and April this year was explicitly attributed to Covid-19, with the majority of equity offerings raised on UK and Swiss exchanges.


cityam--2020-04-19--Wage subsidy scheme opens as start-ups get new £1.25bn package

Applications open today for the government ’ s coronavirus wage subsidy scheme as the Treasury also announces a further £1.25bn package for start-ups and research and development firms .
The job retention scheme will see the government pay 80 per cent of wages , up to £2,500 a month , to furloughed employees unable to work because of the coronavirus pandemic .
Read more : OECD boss : Coronavirus crash will not be as bad as Great Depression Firms are now able to apply for the scheme through a new HM Revenue and Customs online portal , with payment coming @ @ @ @ @ @ @ initiative was extended earlier this week until the end of June .
Chancellor Rishi Sunak said today that the package would “ protect millions of jobs across the country ” .
The Resolution Foundation , a left-leaning think tank , estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs .
The Treasury also announced today it was giving out £1.25bn to “ protect firms driving innovation in UK ” during the coronavirus crisis .
This will @ @ @ @ @ @ @ for “ high-growth firms ” and £750 million of support for small and medium sized businesses focusing on research and development .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Commenting on today ’ s roll out of the job retention scheme , Institute of Directors director general Jonathan Geldart said the initiative was “ crucial to protecting jobs and ensuring the recovery , when it comes , can take off as quickly as possible ” .
British Chambers of Commerce director general Adam @ @ @ @ @ @ @ s payday approaching , it is essential that the application process is smooth and that payments are made as soon as possible .
“ Any delay would exacerbate the cash crisis many companies are facing and could threaten jobs and businesses.
” Figures from the British Chambers of Commerce indicate that two-in-three UK companies have furloughed at least some of their workforce to enter the scheme .
The Resolution Foundation , meanwhile , believes that 46 per cent of the hospitality and retail sectors will furlough employees .
This would translate into 3.1m @ @ @ @ @ @ @ Lloyds staff facing redundancy fear being left jobless by bank amid pandemic Daniel Tomlinson , an economist at the Resolution Foundation , said the job retention scheme was “ what stands between Britain experiencing high unemployment over the coming months , and catastrophic depression-era levels of long-term joblessness ” .
“ It is proving particularly essential in big , low-paying sectors like hospitality and retail , where around half the workforce are no longer working , ” he said .

Wage subsidy scheme opens as start-ups get new £1.25bn package
Firms are now able to apply for the scheme through a new HM Revenue and Customs online portal, with payment coming through within six working days.
Applications open today for the government’s coronavirus wage subsidy scheme as the Treasury also announces a further £1.25bn package for start-ups and research and development firms.
The job retention scheme will see the government pay 80 per cent of wages, up to £2,500 a month, to furloughed employees unable to work because of the coronavirus pandemic.
Firms are now able to apply for the scheme through a new HM Revenue and Customs online portal, with payment coming through within six working days.
The initiative was extended earlier this week until the end of June.
Chancellor Rishi Sunak said today that the package would “protect millions of jobs across the country”.
The Resolution Foundation, a left-leaning think tank, estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs.
The Treasury also announced today it was giving out £1.25bn to “protect firms driving innovation in UK” during the coronavirus crisis.
This will involve a new £500 million loan scheme for “high-growth firms” and £750 million of support for small and medium sized businesses focusing on research and development.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
Commenting on today’s roll out of the job retention scheme, Institute of Directors director general Jonathan Geldart said the initiative was “crucial to protecting jobs and ensuring the recovery, when it comes, can take off as quickly as possible”.
British Chambers of Commerce director general Adam Marshall added: “With April’s payday approaching, it is essential that the application process is smooth and that payments are made as soon as possible.
“Any delay would exacerbate the cash crisis many companies are facing and could threaten jobs and businesses.”
Figures from the British Chambers of Commerce indicate that two-in-three UK companies have furloughed at least some of their workforce to enter the scheme.
The Resolution Foundation, meanwhile, believes that 46 per cent of the hospitality and retail sectors will furlough employees.
This would translate into 3.1m people.
Daniel Tomlinson, an economist at the Resolution Foundation, said the job retention scheme was “what stands between Britain experiencing high unemployment over the coming months, and catastrophic depression-era levels of long-term joblessness”.
“It is proving particularly essential in big, low-paying sectors like hospitality and retail, where around half the workforce are no longer working,” he said.


cityam--2020-04-19--The Long Read: The Coronavirus loan scheme risks failing the people it was designed to help

When the chancellor , Rishi Sunak , vowed that the government would do “ whatever it takes ” to keep businesses alive during the pandemic , the immediate reaction from corporate Britain was one of relief .
The pledge to pay the wages of employees unable to work and the ambition behind the £350bn package of support ( combining grants , sector-specific relief and state-backed loans ) was praised by employers , industry groups , trade unions , the City and even opposition politicians .
One of the main elements of the chancellor ’ s announcement was support for the @ @ @ @ @ @ @ medium sized businesses , via the Coronavirus Business Interruption Loan Scheme ( CBILS ) which was set up to offer loans to firms with a turnover of up to £45m .
Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government .
In the early stages of the pandemic , as the economic implications of the virus ( and of the government ’ s response to it ) became clear , comparisons were made with the 2008 crash .
In @ @ @ @ @ @ @ institutions such as the IMF have suggested that 2008 is the wrong reference point – and that we must go back further , to the Great Depression , to find a comparable shock to the system .
Another reason why our current emergency is different from the financial crisis is the role of the banks .
Put simply , in 2008 they were the villains whereas now they have an opportunity to be heroes .
With a nod from government , they could turn on the taps and pump money into businesses up @ @ @ @ @ @ @ , that was the theory .
Getting the scheme off the ground was never going to be easy .
The Treasury ’ s efforts to devise the details of a contractual understanding with more than 40 lenders would have been made more difficult by the simple fact that banks themselves were also dealing with the disruption and impact of the pandemic .
Despite the difficult conditions , the scheme went live on 23 March and is being administered by the British Business Bank .
In the first three weeks of the scheme operating @ @ @ @ @ @ @ it didn ’ t take long for the first cracks to appear , with reports emerging of banks requiring additional security from applicants – despite the government supposedly guaranteeing 80 per cent of any loan .
This , along with a requirement that companies must first be offered a standard commercial loan before being offered one via the CBILS , was abandoned following an intervention from the chancellor on 2 April .
Announcing the changes , Sunak said “ This is a national effort and we ’ ll continue to work with the @ @ @ @ @ @ @ £330bn of government support , through loans and guarantees , reaches as many businesses in need as possible.
” Nevertheless , on 7 April , City A.M. revealed that just 2,000 loans had been issued – totalling £290m .
It was a disastrously low figure and it hasn ’ t improved much since .
As of last week , just over £1bn had been lent to around 6,000 firms .
There will be another jump in these figures once the banking industry reveals its latest loan count in the coming days , but @ @ @ @ @ @ @ to this and hails the rate of improvement is living in fantasy land .
Nearly 30,000 firms have applied for a loan under the scheme , but demand is certainly far higher .
It ’ s clear that the first issue is the application process itself .
The most common complaint I ’ ve heard from small businesses is that they can ’ t get through , or they aren ’ t called back .
The process itself is also complicated and time-consuming , requiring the submission of management accounts , cash flow @ @ @ @ @ @ @ accounts and details of assets .
In contrast , businesses in Switzerland seeking an emergency loan amounting to ten per cent of their annual revenue are required to submit a one page form , online .
The Swiss system is also administered via the country ’ s banks but enjoys a 100 per cent government-backed guarantee which means the banks are essentially distributing grants .
Germany and America have also devised far simpler schemes on more generous and realistic terms .
Another issue for many businesses trying to take advantage of CBILS is @ @ @ @ @ @ @ baked into the foundations of the scheme .
The British Business Bank sets out the criteria under which an applicant ’ s viability for a loan should be assessed : “ The lender has to establish that the business has a viable business proposition assessed according their normal commercial lending criteria – this will vary between lenders based on their risk appetite , lending policy etc .
If there are concerns over the short-to-medium term business performance due to the uncertainty and impact of Coronavirus ( COVID-19 ) , the proposition may be @ @ @ @ @ @ @ the lender reasonably believes that : ( a ) the finance will help the SME trade-out of any short-to-medium term cash flow difficulty , and ( b ) if the facility is granted , the SME should not go out of business in the short-to-medium term .
We also expect banks to treat customers fairly , and to carry out affordability checks.
” This in itself is ambiguous .
How , for example , should a lender assess whether a company could go out of business in the short-to-medium term ?
Some banks @ @ @ @ @ @ @ the government could turn around in years to come and refuse to honour the state guarantee for a loan issued to a business deemed subsequently to have been unviable .
City A.M. has seen correspondence from one high-street lender in which they tell the applicant : “ It is fair to say very stringent conditions are being imposed on the banks by the British Business Bank { BBB } who are administering the scheme on behalf of the Government .
The BBB will be auditing a cross section of applications in due course @ @ @ @ @ @ @ auditors are themselves undertaking in-depth due diligence with all loan requests the bank is receiving.
” The British Business Bank says it has to protect taxpayers ’ money and that the public would expect them to keep a close eye on the scheme .
While this is understandable , it remains the case that whether by accident or design some banks are using the threat of an audit to put yet more stress on an applicant who , let ’ s not forget , is only applying for a loan because they see @ @ @ @ @ @ @ peril .
To compound the problem of viability/eligibility , the British Business Bank has passed on further guidance to lenders , requiring that eligibility for funding be based on EU Commission Regulation No 651/2014 of 17 June 2014 .
Known as the General Bloc Exemption Regulation , it governs EU state aid law .
In particular , section 187/19 Article 2 ( 18 ) sets out rules concerning an “ undertaking in difficulty ” and outlines specific circumstances or corporate characteristics which may disqualify a company from aid .
It was designed with @ @ @ @ @ @ @ to James Weber , a partner at Shearman and Sterling specialising in state aid law , should never have been applied to the CBILS .
A Treasury spokesperson insisted last night that the regulations had to be included in the CBILS in order to comply with European Commission ’ s Temporary Framework on State Aid .
The spokesperson acknowledged that the EU rules pre-date the Coronavirus crisis , but said “ it is impossible to take this condition out [ of the CBILS framework ] .
” However , according to Weber , @ @ @ @ @ @ @ to fall under the terms of existing legislation such as the General Block Exemption Regulation…as [ Treasury ] officials designed the scheme under great time pressure they have taken elements from existing rules – such as definition of ‘ undertaking in difficulty ’ ….the problem with this is that existing rules may be too complex for banks to apply to such a large number of companies.
” Weber is confident that if the Treasury asked the European Commission to authorise an amendment to its CBILS rules , officials would grant the change in @ @ @ @ @ @ @ If the scheme is not working as intended , the UK can readily amend it .
Any reasonable amendment notified to the European Commission is very likely to be approved within 1-2 days.
” If banks are indeed nervous about granting loans to a business it is at least in part because the government has required them to assess the firm ’ s viability against EU regulations that some feel should never have been included in the guidance .
The issue of EU state aid rules hampering the loan scheme is a slippery @ @ @ @ @ @ @ Treasury sources but denied by others ; referred to by some banks but not by others ; and acknowledged by industry groups and the British Business Bank without anyone being able ( or willing ) to take ownership of the issue .
There is ambiguity where there should be clarity .
If the scheme was working as well as its architects hoped , there would be a much more even distribution of loans among the 40 accredited lenders .
Instead , the vast majority of loans are being made by just two banks @ @ @ @ @ @ @ by 18 April NatWest , 60 per cent taxpayer-owned , has approved just over 5,000 loans while HSBC has approved just over 2,000 .
An urgent inquiry must be launched to determine the issues holding up lending at other institutions .
It ’ s now clear that the scheme needs another review .
There are growing calls for the government to guarantee 100 per cent of the loan , making banks more of a delivery mechanism for grants .
The viability criteria needs an urgent overhaul , as does the application process itself @ @ @ @ @ @ @ these modifications and nor should he be criticised if he makes them .
Sunak is meeting the heads of major lenders this week to look at the scheme , and we must hope that he doesn ’ t shy away from making the changes needed .
It would be simplistic , and wrong , to blame the banks for the failure of this scheme .
The government is asking them to use their own liquidity to issue loans on a six year repayment term , and with the government ’ s guarantee ( @ @ @ @ @ @ @ being on the line for a fifth of all such lending .
But when one bank , out of more than 40 lenders , is responsible for the vast majority of loans , questions must be asked about the confidence banks have in the scheme .
If they detect flaws in the system , they must speak up – for all our sakes .
These are extraordinary times and the Treasury innovated at speed to provide reassurance to businesses .
But now it ’ s cash that businesses need , and the longer @ @ @ @ @ @ @ scars will be .

The Long Read: The coronavirus loan scheme risks failing the people it was designed to help
When the chancellor, Rishi Sunak, vowed that the government would do “whatever it takes” to keep businesses alive during the pandemic, the immediate reaction from corporate Britain was one of relief.
The pledge to pay the wages of employees unable to work and the ambition behind the £350bn package of support (combining grants, sector-specific relief and state-backed loans) was praised by employers, industry groups, trade unions, the City and even opposition politicians.
One of the main elements of the chancellor’s announcement was support for the UK’s six million small and medium sized businesses. His Coronavirus Business Interruption Loan Scheme (CBILS) was set up to offer loans to firms with a turnover of up to £45m. Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government.
In the early stages of the pandemic, as the economic implications of the virus (and of the government’s response to it) became clear, comparisons were made with the 2008 crash.
In recent days, however, economists and institutions such as the IMF have suggested that 2008 is the wrong reference point – and that we must go back further, to the Great Depression, to find a comparable shock to the system.
Another reason why our current emergency is different from the financial crisis is the role of the banks. Put simply, in 2008 they were the villains whereas now they have an opportunity to be heroes.
With a nod from government, they could turn on the taps and pump money into businesses up and down the country. At least, that was the theory.
Getting the coronavirus loan scheme off the ground was never going to be easy. The Treasury’s efforts to devise the details of a contractual understanding with more than 40 lenders would have been made more difficult by the simple fact that banks themselves were also dealing with the disruption and impact of the pandemic.
Despite the difficult conditions, the coronavirus loan scheme went live on 23 March and is being administered by the British Business Bank.
In the first three weeks of the scheme operating around 300,000 businesses made informal enquires. But it didn’t take long for the first cracks to appear, with reports emerging of banks requiring additional security from applicants – despite the government supposedly guaranteeing 80 per cent of any loan.
This, along with a requirement that companies must first be offered a standard commercial loan before being offered one via the CBILS, was abandoned following an intervention from the chancellor on 2 April. Announcing the changes, Sunak said: “This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330bn of government support, through loans and guarantees, reaches as many businesses in need as possible.”
Nevertheless, on 7 April, City A.M. revealed that just 2,000 coronavirus loans had been issued – totalling £290m. It was a disastrously low figure and it hasn’t improved much since. As of last week, just over £1bn had been lent to around 6,000 firms.
There will be another jump in these figures once the banking industry reveals its latest coronavirus loan count in the coming days. But any politician or industry advocate who points to this and hails the rate of improvement is living in fantasy land.
Nearly 30,000 firms have applied for a coronavirus loan under the scheme, but demand is certainly far higher. It’s clear that the first issue is the application process itself. The most common complaint I’ve heard from small businesses is that they can’t get through, or they aren’t called back.
The process itself is also complicated and time-consuming, requiring the submission of management accounts, cash flow forecasts, a business plan, historic accounts and details of assets. In contrast, businesses in Switzerland seeking an emergency loan amounting to ten per cent of their annual revenue are required to submit a one page form, online.
The Swiss system is also administered via the country’s banks but enjoys a 100 per cent government-backed guarantee, which means the banks are essentially distributing grants. Germany and America have also devised far simpler schemes on more generous and realistic terms.
Another issue for many businesses trying to take advantage of CBILS is that a fatal flaw may have been baked into the foundations of the scheme. The British Business Bank sets out the criteria under which an applicant’s viability for a loan should be assessed:
“The lender has to establish that the business has a viable business proposition assessed according their normal commercial lending criteria – this will vary between lenders based on their risk appetite, lending policy etc. If there are concerns over the short-to-medium term business performance due to the uncertainty and impact of Coronavirus (COVID-19), the proposition may be considered eligible under the CBIL Scheme provided the lender reasonably believes that:
(a) the finance will help the SME trade-out of any short-to-medium term cash flow difficulty, and
(b) if the facility is granted, the SME should not go out of business in the short-to-medium term.
“We also expect banks to treat customers fairly, and to carry out affordability checks.”
This in itself is ambiguous. How, for example, should a lender assess whether a company could go out of business in the short-to-medium term?
Some banks are clearly nervous about lending given that the government could turn around in years to come and refuse to honour the state guarantee for a loan issued to a business deemed subsequently to have been unviable. City A.M. has seen correspondence from one high-street lender in which they tell the applicant:
“It is fair to say very stringent conditions are being imposed on the banks by the British Business Bank { BBB } who are administering the scheme on behalf of the government. The BBB will be auditing a cross section of applications in due course & because of this, our internal auditors are themselves undertaking in-depth due diligence with all loan requests the bank is receiving.”
The British Business Bank says it has to protect taxpayers’ money and that the public would expect them to keep a close eye on the scheme. While this is understandable, it remains the case that whether by accident or design some banks are using the threat of an audit to put yet more stress on an applicant who, let’s not forget, is only applying for a coronavirus loan because they see their life’s work in mortal peril.
To compound the problem of viability/eligibility, the British Business Bank has passed on further guidance to lenders, requiring that eligibility for funding be based on EU Commission Regulation No 651/2014 of 17 June 2014.
Known as the General Bloc Exemption Regulation, it governs EU state aid law. In particular, section 187/19 Article 2 (18) sets out rules concerning an “undertaking in difficulty” and outlines specific circumstances or corporate characteristics which may disqualify a company from aid.
It was designed with large-scale bailouts in mind and, according to James Weber, a partner at Shearman and Sterling specialising in state aid law, should never have been applied to the CBILS.
A Treasury spokesperson insisted last night that the regulations had to be included in the CBILS in order to comply with European Commission’s Temporary Framework on State Aid. The spokesperson acknowledged that the EU rules pre-date the coronavirus crisis, but said “it is impossible to take this condition out [of the CBILS framework]”.
However, according to Weber, the CBILS categorically “does not need to fall under the terms of existing legislation such as the General Block Exemption Regulation…as [Treasury] officials designed the scheme under great time pressure they have taken elements from existing rules – such as definition of ‘undertaking in difficulty’….the problem with this is that existing rules may be too complex for banks to apply to such a large number of companies.”
Weber is confident that if the Treasury asked the European Commission to authorise an amendment to its CBILS rules, officials would grant the change in as little as 48 hours: “If the scheme is not working as intended, the UK can readily amend it. Any reasonable amendment notified to the European Commission is very likely to be approved within one to two days.”
If banks are indeed nervous about granting loans to a business it is at least in part because the government has required them to assess the firm’s viability against EU regulations that some feel should never have been included in the guidance. The issue of EU state aid rules hampering the loan scheme is a slippery one. It is cited by some Treasury sources but denied by others; referred to by some banks but not by others; and acknowledged by industry groups and the British Business Bank without anyone being able (or willing) to take ownership of the issue. There is ambiguity where there should be clarity.
If the scheme was working as well as its architects hoped, there would be a much more even distribution of loans among the 40 accredited lenders. Instead, the vast majority of loans are being made by just two banks. According to the Sunday Times, by 18 April NatWest, 60 per cent taxpayer-owned, has approved just over 5,000 loans while HSBC has approved just over 2,000. An urgent inquiry must be launched to determine the issues holding up lending at other institutions.
It’s now clear that the coronavirus loan scheme needs another review. There are growing calls for the government to guarantee 100 per cent of the loan, making banks more of a delivery mechanism for grants.
The viability criteria needs an urgent overhaul, as does the application process itself. The chancellor shouldn’t fear these modifications and nor should he be criticised if he makes them. Sunak is meeting the heads of major lenders this week to look at the scheme, and we must hope that he doesn’t shy away from making the changes needed.
It would be simplistic, and wrong, to blame the banks for the failure of this scheme. The government is asking them to use their own liquidity to issue loans on a six year repayment term, and with the government’s guarantee (assuming it even holds) banks face being on the line for a fifth of all such lending.But when one bank, out of more than 40 lenders, is responsible for the vast majority of loans, questions must be asked about the confidence banks have in the scheme. If they detect flaws in the system, they must speak up – for all our sakes.
These are extraordinary times and the Treasury innovated at speed to provide reassurance to businesses. But now it’s cash that businesses need, and the longer they go without it the deeper the scars will be.


cityam--2020-04-19--Coronavirus hits hospitality: London without  the pubs, bars and restaurants would be so much poorer

Living in London is not always easy .
Over recent years , a cottage industry has developed in newspapers ’ features sections in which a previously harried writer explains why they ’ re glad they left the Big Smoke , the packed underground trains , the occasionally grubby air .
Good for them .
But you try getting some decent Lebanese food at 10:30pm on a Monday in Bury St. Edmunds .
For millions of us , the pros outweigh the cons .
One of the most important parts of that equation is the extraordinary hospitality industry that elevates the @ @ @ @ @ @ @ cities .
That hospitality industry , from the haute-cuisine of London ’ s Michelin star community and wine lists like that found at Boisdale ’ s to the century-old pubs like The Ship in Holborn and the jerk chicken at Fish , Wings and Tings in Brixton Market , is in trouble .
It is in the crosshairs of Covid-19 , and the fear is that the virus might just win .
It ’ s hard to overstate the work that restaurateurs , cafe owners and landlords put in to building their businesses @ @ @ @ @ @ @ hours are long , and Councils seem to be dedicated to making one ’ s life as difficult as possible .
But they , to borrow a phrase , bugger on .
They employ staff who are making their lives in a foreign city or doing a few hours a week to pay for their studies , and provide the buzz , excitement and vibrancy that makes the capital great ; that make having to deal with the Central Line worth it .
They also provide a remarkable stability in a city that @ @ @ @ @ @ @ London ’ s many ‘ villages , ’ you can still find a locals pub or a well-regarded Indian takeaway ; when two Kennington residents meet , it isn ’ t long before they mention the Kennington Tandoori .
The government ’ s emergency loan scheme to get these businesses over the hump of Covid-19 has been under fire from all sides , and the hospitality industry is in much the same place .
Running on tiny cash buffers , the interruption in service has hit hard .
Banks have little incentive to @ @ @ @ @ @ @ balance sheets common in the industry , fearing the government will ask why they didn ’ t do due diligence if the restaurant , cafe or pub goes to the wall after the immediate crisis peak .
Boisdales ’ Ranald MacDonald makes that crystal clear today in City A.M .
There is an assumption that life will go back to normal after this crisis .
For the hospitality industry , not so much .
Not only will they be the last to be allowed to re-open , they are likely to have to @ @ @ @ @ @ @ work out how to pay back the rent they ’ ve ‘ deferred ’ in this immediate crisis as well as getting their old punters back through the door .
Some of them are already bogged down in trench warfare with their insurers .
They will also have to deal with , amongst other things , a business rates system that remains broken , a proposed immigration system which will make finding junior staff nigh on impossible , and a global recession .
The knock-on effects of London losing its lustre as a @ @ @ @ @ @ @ about .
It was less than 50 years ago that images of black rubbish bags piling up in Leicester Square were beamed around the world , doing untold damage to the country ’ s reputation abroad .
A forced rebuilding after this crisis will not be unique to the hospitality industry , but it will be difficult .
In the immediate term , the Treasury needs to ensure the banks genuinely are putting their backs into lending .
In the medium and long-term , on issues like rates and immigration , the industry @ @ @ @ @ @ @ to ensure its survival .
Let ’ s hope it finds one .

Coronavirus hits hospitality: London without the pubs, bars and restaurants would be so much poorer
Living in London is not always easy.
Over recent years, a cottage industry has developed in newspapers’ features sections in which a previously harried writer explains why they’re glad they left the Big Smoke, the packed underground trains, the occasionally grubby air.
Good for them. But you try getting some decent Lebanese food at 10:30pm on a Monday in Bury St. Edmunds.
For millions of us, the pros outweigh the cons. One of the most important parts of that equation is the extraordinary hospitality industry that elevates the capital to the top tier of global cities.
That hospitality industry, from the haute-cuisine of London’s Michelin star community and wine lists like that found at Boisdale’s to the century-old pubs like The Ship in Holborn and the jerk chicken at Fish, Wings and Tings in Brixton Market, is in trouble. It is in the crosshairs of Covid-19, and the fear is that the virus might just win.
It’s hard to overstate the work that restaurateurs, cafe owners and landlords put in to building their businesses. The margins are tiny, the hours are long, and Councils seem to be dedicated to making one’s life as difficult as possible.
But they, to borrow a phrase, bugger on. They employ staff who are making their lives in a foreign city or doing a few hours a week to pay for their studies, and provide the buzz, excitement and vibrancy that makes the capital great; that make having to deal with the Central Line worth it.
They also provide a remarkable stability in a city that changes ever more quickly. Even in London’s many ‘villages,’ you can still find a locals pub or a well-regarded Indian takeaway; when two Kennington residents meet, it isn’t long before they mention the Kennington Tandoori.
The government’s emergency loan scheme to get these businesses over the hump of Covid-19 has been under fire from all sides, and the hospitality industry is in much the same place. Running on tiny cash buffers, the interruption in service has hit hard.
Banks have little incentive to loan to businesses with the sort of balance sheets common in the industry, fearing the government will ask why they didn’t do due diligence if the restaurant, cafe or pub goes to the wall after the immediate crisis peak. Boisdales’ Ranald MacDonald makes that crystal clear today in City A.M.
There is an assumption that life will go back to normal after this crisis. For the hospitality industry, not so much. Not only will they be the last to be allowed to re-open, they are likely to have to deal with new restrictions on numbers and work out how to pay back the rent they’ve ‘deferred’ in this immediate crisis as well as getting their old punters back through the door. Some of them are already bogged down in trench warfare with their insurers.
They will also have to deal with, amongst other things, a business rates system that remains broken, a proposed immigration system which will make finding junior staff nigh on impossible, and a global recession.
The knock-on effects of London losing its lustre as a hospitality destination don’t bear thinking about. It was less than 50 years ago that images of black rubbish bags piling up in Leicester Square were beamed around the world, doing untold damage to the country’s reputation abroad.
A forced rebuilding after this crisis will not be unique to the hospitality industry, but it will be difficult. In the immediate term, the Treasury needs to ensure the banks genuinely are putting their backs into lending.
In the medium and long-term, on issues like rates and immigration, the industry will need a sympathetic ear in government to ensure its survival. Let’s hope it finds one.


cityam--2020-04-19--Coronavirus hits hospitality: The industry needs your help

Yes , you know the drill : The best thing you can do right now is to stay on the sofa , watching Netflix .
But that ’ s all going to change .
Radically .
In a few weeks ’ time , when the experts and our government pronounce it safe , one of the best things you can do to support an entire industry is , unexpectedly , one of the most pleasurable .
Because one of the best things you can do post-lockdown , is get out and spend money at your favourite eating destinations , whether @ @ @ @ @ @ @ family-run hidden gems or fantastic street-food stalls .
If you take care , why not enjoy the most excellent food ( not to say wine ) that you can find ?
This act will help support an entire industry struggling to deal with the body blow from COVID-19 .
Read more : My restaurant is on the frontline of the CBILs war As the co-founder and CEO of Ten Lifestyle Group , I run the company that books more tables in top restaurants than anyone else .
We provide concierge services to the @ @ @ @ @ @ @ HSBC Jade .
In 2019 , at no cost to our members , we recommended and then reserved the best tables at over 10,000 of the most wonderful restaurants around the world .
This is one of the most popular aspects of our service , which also covers travel , live entertainment and , right now , lockdown support .
We know that enjoying great food out is one of the greatest pleasures in life , we reconnect with dear friends and family and build the kind of business relationships that will be @ @ @ @ @ @ @ this downturn .
That ’ s not to mention being central to how people fall – and stay – in love .
And , of course , we know a workday can be made so much better by hitting the restaurant around the corner at lunchtime to sample its specialty ; whether it ’ s a spicy pork banh mi , crispy buttermilk fried chicken or a hearty paneer kati roll .
We also know that our members want to know that great food , the people who create it and serve it @ @ @ @ @ @ @ members have been extremely vocal about this , and many have already committed to returning at the earliest opportunity .
It ’ s a start , but your preferred eating places , the talented chefs and the hardworking teams running them , will need your help in the coming months more than at any time in history .
They have been hit by an extended period with no income while rents are still due , on top of which they ’ ve binned all their perishables without compensation .
They ’ re facing @ @ @ @ @ @ @ sector .
And then there ’ s the cost to the people .
The service-driven staff have not been able to claim tips as part of their defined income , under the terms of the government ‘ furlough ’ support .
This means that very many , the ones who have not been laid off completely , are surviving on substantially reduced income .
From high-end destinations to street-food chefs selling unbelievably good barbeque , everyone desperately wants , and needs to get back to work .
As these places re-open , they @ @ @ @ @ @ @ of their usual sources of trade will not be available .
Those with an age or a condition that makes them vulnerable may not be able to eat out ; the tourists will not be thronging this summer ; and bigger corporate bookings will take months to return to normal as cautious clients decline invitations and internal spend is cut by companies .
So , they need your custom more than ever – and without it very many risk going bust , prematurely ending years of struggle and success .
And not only @ @ @ @ @ @ @ eco-system , will benefit from your spending ; the niche , often family-run companies who farm the finest ingredients ; the companies who provide the wine , tableware and who manage the laundry and , not least , the taxman who needs to collect the VAT ( payable on food eaten in but not food taken out ) and PAYE , generated by your activity , that will start to return the country to a more balanced budget .
It has been said that every pound you spend is a vote for the @ @ @ @ @ @ @ in .
And , if you love great food , and care for its future , this is not a vote you can cast by post .
We don ’ t want to see the varied and delightful dining scene in our cities and towns reduced to the blandness of the food scene of the 1980s .
To protect your preferred eating place , you will need to get out and eat there .
Your action will help safeguard its future .
And , in doing so , your act will play a @ @ @ @ @ @ @ for eating out in your parts of the world .
So if you are one of those who are healthy and if you are lucky enough to afford great food , then I challenge you to commit to booking your favorite restaurants , trying new ones , or checking out that great food stall near work , in the weeks as we emerge from lockdown .
And use your concierge service , if you have one , to monitor when your preferred place re-opens – because those places will need you most in @ @ @ @ @ @ @ re-start will depend on your custom .
Cast your vote – by spending in the places you love- for a world where great food , served to you in wonderful environments , will not be a casualty of COVID-19 .

Coronavirus hits hospitality: The industry needs your help
Ten Group chief Alex Cheatle with chef Jason Atherton
Yes, you know the drill: The best thing you can do right now is to stay on the sofa, watching Netflix. But that’s all going to change. Radically.
In a few weeks’ time, when the experts and our government pronounce it safe, one of the best things you can do to support an entire industry is, unexpectedly, one of the most pleasurable.
Because one of the best things you can do post-lockdown, is get out and spend money at your favourite eating destinations, whether they’re high-end gastro-destinations, wonderful family-run hidden gems or fantastic street-food stalls. If you take care, why not enjoy the most excellent food (not to say wine) that you can find? This act will help support an entire industry struggling to deal with the body blow from COVID-19.
Read more: My restaurant is on the frontline of the CBILs war
As the co-founder and CEO of Ten Lifestyle Group, I run the company that books more tables in top restaurants than anyone else. We provide concierge services to the customers of service-driven brands like Coutts and HSBC Jade. In 2019, at no cost to our members, we recommended and then reserved the best tables at over 10,000 of the most wonderful restaurants around the world. This is one of the most popular aspects of our service, which also covers travel, live entertainment and, right now, lockdown support.
We know that enjoying great food out is one of the greatest pleasures in life, we reconnect with dear friends and family and build the kind of business relationships that will be needed for us to come out of this downturn. That’s not to mention being central to how people fall – and stay – in love. And, of course, we know a workday can be made so much better by hitting the restaurant around the corner at lunchtime to sample its specialty; whether it’s a spicy pork banh mi, crispy buttermilk fried chicken or a hearty paneer kati roll.
We also know that our members want to know that great food, the people who create it and serve it, will survive and thrive. Our members have been extremely vocal about this, and many have already committed to returning at the earliest opportunity.
It’s a start, but your preferred eating places, the talented chefs and the hardworking teams running them, will need your help in the coming months more than at any time in history. They have been hit by an extended period with no income while rents are still due, on top of which they’ve binned all their perishables without compensation. They’re facing lockdown issues that are unique to the sector.
And then there’s the cost to the people. The service-driven staff have not been able to claim tips as part of their defined income, under the terms of the government ‘furlough’ support. This means that very many, the ones who have not been laid off completely, are surviving on substantially reduced income. From high-end destinations to street-food chefs selling unbelievably good barbeque, everyone desperately wants, and needs to get back to work.
As these places re-open, they require customers at a time when many of their usual sources of trade will not be available. Those with an age or a condition that makes them vulnerable may not be able to eat out; the tourists will not be thronging this summer; and bigger corporate bookings will take months to return to normal as cautious clients decline invitations and internal spend is cut by companies. So, they need your custom more than ever – and without it very many risk going bust, prematurely ending years of struggle and success.
And not only the eating places, but a whole eco-system, will benefit from your spending; the niche, often family-run companies who farm the finest ingredients; the companies who provide the wine, tableware and who manage the laundry and, not least, the taxman who needs to collect the VAT (payable on food eaten in but not food taken out) and PAYE, generated by your activity, that will start to return the country to a more balanced budget.
It has been said that every pound you spend is a vote for the kind of world you want to live in. And, if you love great food, and care for its future, this is not a vote you can cast by post. We don’t want to see the varied and delightful dining scene in our cities and towns reduced to the blandness of the food scene of the 1980s. To protect your preferred eating place, you will need to get out and eat there. Your action will help safeguard its future. And, in doing so, your act will play a huge role in creating a positive future for eating out in your parts of the world.
So if you are one of those who are healthy and if you are lucky enough to afford great food, then I challenge you to commit to booking your favorite restaurants, trying new ones, or checking out that great food stall near work, in the weeks as we emerge from lockdown. And use your concierge service, if you have one, to monitor when your preferred place re-opens – because those places will need you most in their opening weeks, when their successful re-start will depend on your custom.
Cast your vote – by spending in the places you love- for a world where great food, served to you in wonderful environments, will not be a casualty of COVID-19.


cityam--2020-04-19--Coronavirus hits hospitality: Loan scheme leaves restaurants high and dry

In newspapers , so I ’ m told , a cracking story is known as a “ marmalade dropper , ” so named because it stops you – and indeed your toast – in your tracks .
And that ’ s exactly what Rishi Sunak ’ s announcement of a £330bn rescue package for British business to get through the coronavirus package was .
Alas , it appears we lost our marmalade on false pretensions .
The scale and failure of the Government-backed bank loans to reach business seems to be misunderstood by the Treasury and No .
10 alike @ @ @ @ @ @ @ the economy .
As an owner of a relatively small restaurant business that has applied for a Government guaranteed bank loan , it is worth a dispatch from the trenches .
The percentage the government guarantees of the virus loans is not the reason for the dismal failure of the initiative to aid the recovery of businesses currently in intensive care who , through no fault of their own , have been caught in the crossfire of the viral war .
The issue is the lending criteria for the loan given by the @ @ @ @ @ @ @ : CBILs scheme under fire from all sides The media focus is currently on the government to reduce the banks liability and offer 100 % government guaranteed loans .
Whilst not unwelcome this does not make much difference if it is the businesses that are to repay 100 % of the loan , which the vast majority will do .
The real issue is that businesses are unable to obtain the loan in the first place due to the lending criteria , which is summarized as requiring normal commercial terms .
Joseph Heller @ @ @ @ @ @ @ , but this is very much a Catch 22 : few businesses prior to the crisis were running balance sheets to support loans they did not want or need ; busy as they were investing , expanding or simply bobbing along .
Those that did run rainy-day balance sheets probably would not need the loans .
I imagine that if banks in retrospect are seen to have been negligent on the lending criteria set out by the Government , that in the situation of a default they would be liable for 100 % @ @ @ @ @ @ @ is not hard to see a situation in which bureaucrats begin quibbling with banks about due diligence once the immediate crisis is over .
Little surprise then that so few loans have been approved despite no shortage of funds .
Around 6,000 applications for a total of just over a billion have been accepted so far .
This sounds appallingly low ; when you include inquiries to the service , the conversion rate on last count was under 1 per cent .
Yet , horrendous as that sounds , the situation is actually @ @ @ @ @ @ @ suggest and demands more investigation .
Of the £330 billion put aside by the Treasury for the virus loan , presumably a figure decided upon for good reasons by the Treasury , the £1.1bn that has so far been approved only represents around a third of a percentage point of the funds available .
Approximately how much loan was applied for in total from the applications to date ?
This would give us an idea of the scale of demand .
How many more businesses would apply for the funding if the lending @ @ @ @ @ @ @ of success ?
A vast number of businesses will need to apply to apply for Government backed financial support or face bankruptcy .
The lending criteria are clearly the reason for the absolute failure of the much publicised Government backed loans to support business and protect the economy .
Good businesses surviving and employing people , immediately start contributing to the economy ( GDP , VAT , NI , PAYE , rent , paying suppliers etc.. ) and the exchequer , reducing the government ’ s unemployment liability , and helping to prevent @ @ @ @ @ @ @ look carefully at what Germany , France and America are implementing with their far less onerous versions of government backed loans to business .
In the US the loans have been quickly administered , with a two year interest holiday and the ability to write off lockdown costs .
Even in France , not famed for its fast-moving bureaucracy , loans have been administeredd on a 5 year interest free basis up to 25 % revenue , delivered within five days of application .
At best the banks should simply act as a @ @ @ @ @ @ @ similar basis to France or America .
At worst banks should focus on viable business plans in combination with the experience , integrity and competence of the management and not shelter behind pre-set template analysis that does not fit all businesses and certainly not the times .
I am not advocating every loan being approved , but I do believe most should be , because it is economic common sense .
The ultimate cost of significantly higher than necessary unemployment and crashing the economy bears no comparison to the Government liability from guaranteeing @ @ @ @ @ @ @ 80-90 % will be repaid .
The Treasury has been chasing its tail to improve the CBILs scheme .
They claim it is now moving faster , and that the criteria has been relaxed .
The experience in the trenches is that , regardless , the banks need to be brought into line – or simply , other than as a distributor , sidelined .
Yesterday ’ s announcement that the strict lockdown will continue for at least another three weeks does not suggest that we are on the brink of reopening restaurants @ @ @ @ @ @ @ hospitality industry that makes our city such a wonderful place to live .
One needs to remember that no one business stands alone .
Other businesses rely upon it , from suppliers to landlords as well as the tax receiving parts of the economy .
We should also not underestimate the degree to which the ability of our economy to rise up after Covid19 is based upon an emotional response from the country .
Mass unemployment and a country full of broken dreams breeds an equally dangerous form of contagion , absolute despair @ @ @ @ @ @ @ the fighting forces is paramount and the economic war has only just begun .

Coronavirus hits hospitality: Loan scheme leaves restaurants high and dry
Ranald MacDonald is Managing Director of Boisdale’s Restaurants
In newspapers, so I’m told, a cracking story is known as a “marmalade dropper,” so named because it stops you – and indeed your toast – in your tracks. And that’s exactly what Rishi Sunak’s announcement of a £330bn rescue package for British business to get through the coronavirus package was.
Alas, it appears we lost our marmalade on false pretensions.
The scale and failure of the Government-backed bank loans to reach business seems to be misunderstood by the Treasury and No. 10 alike, and will have terrifying consequences for the economy.
As an owner of a relatively small restaurant business that has applied for a Government guaranteed bank loan, it is worth a dispatch from the trenches.
The percentage the government guarantees of the virus loans is not the reason for the dismal failure of the initiative to aid the recovery of businesses currently in intensive care who, through no fault of their own, have been caught in the crossfire of the viral war. The issue is the lending criteria for the loan given by the Government to the banks.
Read more: CBILs scheme is under fire from all sides
The media focus is currently on the government to reduce the banks liability and offer 100% government guaranteed loans. Whilst not unwelcome this does not make much difference if it is the businesses that are to repay 100% of the loan, which the vast majority will do. The real issue is that businesses are unable to obtain the loan in the first place due to the lending criteria, which is summarized as requiring normal commercial terms.
Joseph Heller didn’t write about bank loans, but this is very much a Catch 22: few businesses prior to the crisis were running balance sheets to support loans they did not want or need; busy as they were investing, expanding or simply bobbing along. Those that did run rainy-day balance sheets probably would not need the loans.
I imagine that if banks in retrospect are seen to have been negligent on the lending criteria set out by the Government, that in the situation of a default they would be liable for 100% of the loan they administered. It is not hard to see a situation in which bureaucrats begin quibbling with banks about due diligence once the immediate crisis is over. Little surprise then that so few loans have been approved despite no shortage of funds.
Around 6,000 applications for a total of just over a billion have been accepted so far. This sounds appallingly low; when you include inquiries to the service, the conversion rate on last count was under 1 per cent.
Yet, horrendous as that sounds, the situation is actually dramatically worse than even these figures would suggest and demands more investigation. Of the £330 billion put aside by the Treasury for the virus loan, presumably a figure decided upon for good reasons by the Treasury, the £1.1bn that has so far been approved only represents around a third of a percentage point of the funds available. Approximately how much loan was applied for in total from the applications to date? This would give us an idea of the scale of demand. How many more businesses would apply for the funding if the lending criteria meant that they had a chance of success?
A vast number of businesses will need to apply to apply for Government backed financial support or face bankruptcy.
The lending criteria are clearly the reason for the absolute failure of the much publicised Government backed loans to support business and protect the economy. Good businesses surviving and employing people, immediately start contributing to the economy (GDP, VAT, NI, PAYE, rent, paying suppliers etc..) and the exchequer, reducing the government’s unemployment liability, and helping to prevent the economy from crashing.
We should look carefully at what Germany, France and America are implementing with their far less onerous versions of government backed loans to business. In the US the loans have been quickly administered, with a two year interest holiday and the ability to write off lockdown costs. Even in France, not famed for its fast-moving bureaucracy, loans have been administeredd on a 5 year interest free basis up to 25% revenue, delivered within five days of application.
At best the banks should simply act as a conduit for the Government loan on a similar basis to France or America.
At worst banks should focus on viable business plans in combination with the experience, integrity and competence of the management and not shelter behind pre-set template analysis that does not fit all businesses and certainly not the times.
I am not advocating every loan being approved, but I do believe most should be, because it is economic common sense. The ultimate cost of significantly higher than necessary unemployment and crashing the economy bears no comparison to the Government liability from guaranteeing loans of which probably I would guess 80-90% will be repaid.
The Treasury has been chasing its tail to improve the CBILs scheme. They claim it is now moving faster, and that the criteria has been relaxed. The experience in the trenches is that, regardless, the banks need to be brought into line – or simply, other than as a distributor, sidelined.
Yesterday’s announcement that the strict lockdown will continue for at least another three weeks does not suggest that we are on the brink of reopening restaurants and pubs, and restarting the brilliant hospitality industry that makes our city such a wonderful place to live.
One needs to remember that no one business stands alone. Other businesses rely upon it, from suppliers to landlords as well as the tax receiving parts of the economy. We should also not underestimate the degree to which the ability of our economy to rise up after Covid19 is based upon an emotional response from the country.
Mass unemployment and a country full of broken dreams breeds an equally dangerous form of contagion, absolute despair. In a war the morale of the fighting forces is paramount and the economic war has only just begun.


cityam--2020-04-19--Coronavirus: Travel industry in line for £4bn support package

The government is set to underwrite cancellation refunds given out by the travel industry as a part of a £4bn relief package .
Ministers are reportedly drawing up plans to guarantee refunds to customers of travel agents and holiday companies that have had their holidays cancelled by the Covid-19 crisis .
Read more : Coronavirus set to cost the world ’ s airlines up to $ 314bn Various stories have emerged of travel companies holding off on handing out refunds , much to the anger of consumers , with some in danger of going bust .
The package is being @ @ @ @ @ @ @ transport secretary Grant Shapps and business secretary Alok Sharma , with the help of Atol chief Andy Cohen , according to the Sunday Telegraph .
The scheme will reportedly see Atol-protected travel agents give out credit notes that are backed by a government guarantee .
This will ensure that customers get their money back if travel companies go broke in the future .
A Department for Transport spokesperson remain tightlipped on whether a package would be unveiled for the sector .
“ The aviation sector is important to the UK economy , and @ @ @ @ @ @ @ of measures announced by the chancellor , including schemes to raise capital , flexibilities with tax bills , and financial support for employees , ” they said .
“ We are continuing to work closely with the sector and are willing to consider the situation of individual firms , so long as all other government schemes have been explored and all commercial options exhausted , including raising capital from existing investors.
” It comes as the Sunday Times reports that airfares may skyrocket as airlines prepare to reduce the number of passengers on @ @ @ @ @ @ @ , Wizz , Delta and American have all said they would be removing middle seats for sale in an attempt to enforce social distancing on future flights .
This would lead to a 33 per cent decline in available seats for many low budget airlines and would likely lead to much more expensive flights .
Read more : Easyjet founder refers airline to watchdog over Airbus deal John Grant , from aviation analysts OAG , told the Times : “ Such a significant cut in capacity per flight will certainly lead to an @ @ @ @ @ @ @ up .
“ The operating economics of the airline industry are wafer thin at the best of times so removing 30 per cent of available capacity will have an inevitable consequence .
”

Coronavirus: Travel industry in line for £4bn support package
Various stories have emerged of travel agents and travel companies holding off on handing out refunds, much to the anger of consumers, with some in danger of going bust.
The government is set to underwrite cancellation refunds given out by the travel industry as a part of a £4bn relief package.
Ministers are reportedly drawing up plans to guarantee refunds to customers of travel agents and holiday companies that have had their holidays cancelled by the Covid-19 crisis.
Various stories have emerged of travel companies holding off on handing out refunds, much to the anger of consumers, with some in danger of going bust.
The package is being finalised this weekend and is being overseen transport secretary Grant Shapps and business secretary Alok Sharma, with the help of Atol chief Andy Cohen, according to the Sunday Telegraph.
The scheme will reportedly see Atol-protected travel agents give out credit notes that are backed by a government guarantee.
This will ensure that customers get their money back if travel companies go broke in the future.
A Department for Transport spokesperson remain tightlipped on whether a package would be unveiled for the sector.
“The aviation sector is important to the UK economy, and firms can draw upon the unprecedented package of measures announced by the chancellor, including schemes to raise capital, flexibilities with tax bills, and financial support for employees,” they said.
“We are continuing to work closely with the sector and are willing to consider the situation of individual firms, so long as all other government schemes have been explored and all commercial options exhausted, including raising capital from existing investors.”
It comes as the Sunday Times reports that airfares may skyrocket as airlines prepare to reduce the number of passengers on their flights.
Carriers such as easyJet, Wizz, Delta and American have all said they would be removing middle seats for sale in an attempt to enforce social distancing on future flights.
This would lead to a 33 per cent decline in available seats for many low budget airlines and would likely lead to much more expensive flights.
John Grant, from aviation analysts OAG, told the Times: “Such a significant cut in capacity per flight will certainly lead to an increase in average fares as demand picks up.
“The operating economics of the airline industry are wafer thin at the best of times so removing 30 per cent of available capacity will have an inevitable consequence.”


cityam--2020-04-20--UK coronavirus lockdown: Consumers spend more on video games and online shopping

Britons have been spending more on video games and with Amazon , Apple and Argos during the UK coronavirus lockdown , according to the latest research .
Digital bank Starling said its customers spent almost 300 per cent more on Playstation and Nintendo in the week ending 5 April compared to the week to 15 March , before the lockdown was announced .
Deliveroo sales to Starling customers were flat , however Apple store transactions jumped 36 per cent , while Amazon sales increased 39 per cent and Argos sales surged 49 per cent .
The amount Londoners spent through @ @ @ @ @ @ @ the most compared to the rest of the country .
The average transaction value of a Starling customer in the capital in the week ending 22 March was £53.57 .
In the week ending 5 April it more than doubled to £107.72 .
The next largest increase was in the south east , where spending jumped 62.7 per cent , and the West Midlands with a 61.8 per cent spending surge .
Consumers spent less on coffee and transport during the UK coronavirus lockdown due to restrictions on movement and the closure of @ @ @ @ @ @ @ 99 per cent less at Costa and Starbucks after the cafe chains were ordered to close due to lockdown rules .
Customers also spent 93.3 per cent less with Transport for London as more people transitioned to working from home during the pandemic .
Spending with Uber also fell by 84.3 per cent , and the amount spent at petrol stations plunged 50 per cent .
Despite the medical nature of the pandemic , the UK ’ s largest pharmacy chain Boots suffered a 68.8 per cent drop in Starling customer transactions between @ @ @ @ @ @ @ .

UK coronavirus lockdown: Consumers spend more on video games and online shopping
Britons have been spending more on video games and with Amazon, Apple and Argos during the UK coronavirus lockdown, according to the latest research.
Digital bank Starling said its customers spent almost 300 per cent more on Playstation and Nintendo in the week ending 5 April compared to the week to 15 March, before the lockdown was announced.
Deliveroo sales to Starling customers were flat, however Apple store transactions jumped 36 per cent, while Amazon sales increased 39 per cent and Argos sales surged 49 per cent.
The amount Londoners spent through Starling during the UK coronavirus lockdown increased the most compared to the rest of the country.
The average transaction value of a Starling customer in the capital in the week ending 22 March was £53.57. In the week ending 5 April it more than doubled to £107.72.
The next largest increase was in the south east, where spending jumped 62.7 per cent, and the West Midlands with a 61.8 per cent spending surge.
Consumers spent less on coffee and transport during the UK coronavirus lockdown due to restrictions on movement and the closure of all non-essential retailers.
Starling customers spent 99 per cent less at Costa and Starbucks after the cafe chains were ordered to close due to lockdown rules.
Customers also spent 93.3 per cent less with Transport for London as more people transitioned to working from home during the pandemic.
Spending with Uber also fell by 84.3 per cent, and the amount spent at petrol stations plunged 50 per cent.
Despite the medical nature of the pandemic, the UK’s largest pharmacy chain Boots suffered a 68.8 per cent drop in Starling customer transactions between weeks ending March 15 and April 5.


cityam--2020-04-20--Job retention scheme receives nearly 70,000 applications in 30 minutes

The government ’ s wage subsidy scheme received almost 70,000 applications in the first 30 minutes of opening this morning as businesses rush to claims funds to pay furloughed staff .
The job retention scheme sees the government pay 80 per cent of wages , up to £2,500 a month , for furloughed employees unable to work due to the coronavirus crisis .
Read more : Wage subsidy scheme opens as start-ups get new £1.25bn package Chief executive of HM Revenue and Customs Jim Harra told BBC Radio 4 morning that 67,000 applications were received in the first half an @ @ @ @ @ @ @ “ We have scaled our IT system to cope with the maximum number of claims , ” he said .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ There are over two million PAYE schemes and our system is big enough to handle a claim from every one of those.
” Firms are now able to apply for the scheme through a new HM Revenue and Customs online portal , with payment coming through within six working days .
@ @ @ @ @ @ @ until the end of June .
Chancellor Rishi Sunak said today that the package would “ protect millions of jobs across the country ” .
The Resolution Foundation , a left-leaning think tank , estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs .
Read more : The Long Read : The coronavirus loan scheme risks failing the people it was designed to help British Chambers of Commerce director general Adam Marshall added : “ With @ @ @ @ @ @ @ is essential that the application process is smooth and that payments are made as soon as possible .
“ Any delay would exacerbate the cash crisis many companies are facing and could threaten jobs and businesses .
”

Job retention scheme receives nearly 70,000 applications in 30 minutes
The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, for furloughed employees unable to work due to the coronavirus crisis.
The government’s wage subsidy scheme received almost 70,000 applications in the first 30 minutes of opening this morning as businesses rush to claims funds to pay furloughed staff.
The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, for furloughed employees unable to work due to the coronavirus crisis.
Chief executive of HM Revenue and Customs Jim Harra told BBC Radio 4 morning that 67,000 applications were received in the first half an hour after it opened this morning.
“We have scaled our IT system to cope with the maximum number of claims,” he said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“There are over two million PAYE schemes and our system is big enough to handle a claim from every one of those.”
Firms are now able to apply for the scheme through a new HM Revenue and Customs online portal, with payment coming through within six working days.
The initiative was extended earlier this week until the end of June.
Chancellor Rishi Sunak said today that the package would “protect millions of jobs across the country”.
The Resolution Foundation, a left-leaning think tank, estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs.
British Chambers of Commerce director general Adam Marshall added: “With April’s payday approaching, it is essential that the application process is smooth and that payments are made as soon as possible.
“Any delay would exacerbate the cash crisis many companies are facing and could threaten jobs and businesses.”