Coronavirus is likely to bring a “temporary disruption” to the UK economy the Chancellor Rishi Sunak said as he delivered his Budget on Wednesday.
The number of coronavirus cases in the UK reached 460 on Wednesday, with an eighth person confirmed to have died after contracting the virus. The chancellor is suspending business rates for many firms in England, extending sick pay and boosting NHS funding, reports the BBC.
A Temporary Coronavirus Loan Scheme
Rebecca Jenkins, RJEN CEO comments:
It is very encouraging to see the British Govt reacting swiftly to the potential effects that Covid-19 can have on businesses. With close to 6 million SME businesses in the UK, the effects could be substantial to the UK economy. Access to a temporary coronavirus loan scheme to rebate the cost of statutory sick pay for employees with the disease is a good initiative. It demonstrates how important SMEs are to the UK economy.
However, it will be important that access to the loan scheme is easily accessible and not a burden to already stretched business resources. Rebecca Jenkins who works as a business growth consultant is concerned about how it will impact SME’s whose services rely on people, for example, in the logistics sector. There is already a shortage of drivers and warehouse staff; according to the Road Haulage Association, this stands at between 45,000 to 50,000.
With the virus now being classed as a pandemic by the World Health Organisation, it is feasible that our everyday expectations of next day delivery and quick stock replenishment will come under severe pressure. “During this unprecedented time, we all have to live with a different set of expectations about delivery times”. Individual stockpiling of essential items isn’t the answer and has to be resisted as this only puts additional strain on the supply chain.
About Rebecca Jenkins
Rebecca Jenkins works with businesses large and small to develop their business and sales strategy and expand their competitive edge. Using her five step VITAL methodology, she also works with ambitious sales and account management teams to achieve transformational results. Her latest book is 'Winning Big in Sales'