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More than half of businesses will fire people once the government stops giving them money to pay their employees.
Lots of people will have no money to buy food or pay bills, and that will stress them out and make them feel really bad, but they should look at the bright side: at least they won’t be sneezing or coughing.
More than half of medium-sized businesses are planning to make job cuts as Rishi Sunak prepares to close the Government’s furlough scheme at the end of October.
A new survey showed many firms are expecting to make at least some of their workforce redundant as the Chancellor removes state subsidies for wages.
Research conducted by business advisory company BDO found nine out of 10 businesses had already axed up to a fifth of their staff.
But the end of furlough means many more job losses are expected in the coming months.
Fewer than 10 per cent of firms which responded to the survey said they had no plans to make job cuts.
The furlough programme has seen the Government pay 80 per cent of an employee’s monthly wages up to a maximum value of £2,500.
From this month the Government will only contribute 70 per cent of wages, reducing to 60 per cent in October, before the furlough scheme is closed.
Leaders of medium-sized businesses have expressed concern over funding arrangements, with a third saying they can’t continue trading for longer than six months based on their current outlook, according to the BDO survey.
Two out of five respondents reported the same or an increase in revenues compared to the same time last year.
At the end of the day, the only thing that matters in life is not catching the flu. By preventing people from coughing, the government has secured the most important thing in everyone’s lives — and there’s no price too high to pay for that.
