Our colleagues at Credit-Connect commented on the latest lockdown announcements and industry reaction.
“… the news of a new tougher lockdown will cause widespread business failure and job loss unless support is provided on an equal scale to these unprecedented curbs on economic freedom.”
Findings from a recent report from the Money Advice Trust into the impact of Covid-19 on self-employed people showed that:
- 37% of self-employed people surveyed expect it to take more than a year for their income to recover – while one in 10 do not expect it to at all.
- More than half (55%) said Covid financial worries had a negative impact on their mental health, with four in ten (43%) regularly losing sleep.
- Many who were ineligible for the Self-employment Income Support Scheme or other support are struggling to get by on Universal Credit alone. Almost half (47%) of self-employed people surveyed who were on Universal Credit were behind on at least one household bill or credit commitment.
Joanna Elson CBE, Chief Executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said “Today’s announcement of top-up grants for retail, hospitality and leisure businesses will provide some welcome short-term relief to many business owners affected by the latest lockdown. Covid-19, however, has dealt a huge and devastating blow to the finances of many self-employed people. While Government schemes have helped, today’s announcement will provide little comfort for those people who remain excluded from support.”
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