An announcement is expected at 5pm tonight by Chancellor Rishi Sunak, to announce an employment and wage subsidy package to try to protect millions of jobs.
The key message being relayed to governments is that very fast action is required to support businesses who are making difficult decisions about jobs now. Firms need to understand what measures they can access swiftly to protect cash in order to pay staff.
Suspension of business costs and cover for employee wages or income for the self-employed must be at the top of the list.
This is impacting every sector and quick action is the ONLY answer.
Businesses: if you can, please hold off further action until after the Chancellor's announcement.
Talks went on into the night on 19 March with business groups including Chambers of Commerce, and union leaders, who urged the government to help pay wages amid the coronavirus pandemic.
Many firms are warning of collapse, wiping out thousands of jobs, as life in the UK is largely put on hold.
News of more help for companies pushed stock markets higher, with the FTSE 100 and FTSE 250 up 5% at one point.
The pound rose 3.3% from a 35-year low to $1.18.
The chancellor's wage package, due to be unveiled later on Friday, is the latest in a string of big fiscal attempts to ease the burden on businesses and their employees.
Prime Minister Boris Johnson has urged struggling businesses to "stick by their employees, because we're all going to need them"
Visit the Chamber Covid-19 Hub for lots of resources and information for businesses. Please contact us if there is anything we can do to support you further - call 01382 228545 or email alisonhenderson@dundeeandanguschamber.co.uk
