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Significant number of UK businesses have furloughed employees

Significant number of UK businesses have furloughed employees

A survey conducted by the British Chambers of Commerce (BCC) has found that over 70% of responding businesses have furloughed a proportion of their employees.

Data from the BCC’s latest Coronavirus Business Impact Tracker revealed that 71% of firms have furloughed their employees, up from last week’s figure of 66%. 30% of businesses have furloughed between 75% and 100% of their workforce, whilst 28% haven’t furloughed any employees.

The Tracker also found that firms are awaiting funds from the government’s Coronavirus Job Retention Scheme. It suggested that cashflow remains ‘a significant concern for many businesses’, with six in ten having less than three months’ cash in reserve.

Commenting on the findings, Dr Adam Marshall, Director General of the BCC, said: ‘Our research suggests that over 70% of businesses will be using the furlough scheme in some form, so it’s absolutely crucial that it delivers.

‘HMRC’s capacity to deal with the demand from business has been encouraging so far. It is now critical that payments from the furlough scheme reach businesses as smoothly and as quickly as possible in order to protect jobs and livelihoods.’

 

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