COVID-19 NEWS BULLETIN UPDATE APRIL 14th 2020
Daily Press Briefing
Delivered by Chancellor Rishi Sunak. Chancellor was keen to state that the UK’s strategy is not about choosing between people’s health and the health of the economy, as questions were asked regarding the review of the restrictions. Latest slides from COBR on new reported UK cases suggest that UK cases are plateauing, however, comment was that as not everyone is being tested a full picture is not available. A question was posed by the media as to why deaths in care homes are not published daily when deaths in hospitals are. This is being worked on so that the daily data can include all death in the UK but there are logistical difficulties to overcome. The furlough scheme should be available for firms to apply for money “on or around 20th April” with Rishi Sunak commenting that the new system is currently being tested before going live.
Daily Updates on the Markets
Fairly static day on the markets.
The Office for Budget Responsibility (OBR) have warned that the coronavirus pandemic could see the economy shrink by up to 35% by June, should restrictions last for April, May and June. However, it was also stated that it could be possible to get back to its pre-crisis growth by the end of 2020.
We are receiving many enquiries as to how expenditure can be reduced to ease household cashflow. Clients have found completing the below particularly helpful in planning and looking ahead at what budgeting is needed. I am recommending that everyone reviews their income now and completes the below for their individual situation as it stands currently. Then imagine that the lockdown is extended and complete an additional expenditure form with what other cuts could be made 4-6 weeks from now. For example, consider what contracts are up for renewal, think television packages, mobiles and broadband. Remember to consider that you expect to see reduced expenditure in some areas, e.g. reduced fuel spend from limiting vehicle use or perhaps you have had a holiday refunded. Consider all options and use the below as a guide to assist you. Once you have completed the two different scenarios, do forward these to me and I will happily complete an analysis and come back to you with any further cuts you may not have considered. I hope this will assist you in your planning and provide reassure that there are ways of making sensible cuts.
To assist you in this, we have highlighted the individual areas using a traffic light system; green for essential spending, amber for those on the fence of being removed or reduced and red for those costs you have suspended or for areas where immediate action is required.
Should you have any concerns or questions, we are here for our clients and will happily arrange a telephone or video call appointment to provide guidance, please either call our practice mobile 07543 368 478 or email enquiries@money4dentists.com to arrange your appointment.