Financial turmoil | 'We won't be able to save every business,' says Government

Whilst the Government’s efforts over the last two weeks have created various ‘safety nets’ around the UK’s businesses, current plans do fall short of effectively safeguarding all workers from redundancy – or businesses from administration.

On Tuesday, Chancellor Rishi Sunak, who has helmed the fight against widespread recession and unemployment in the fallout of the coronavirus, told MPs that the Government would not be able to save all businesses in the weeks ahead.

Whilst Sunak has received praise from all sides of the House for his ‘tireless’ efforts to protect the UK’s businesses and the swift changes in policy to counteract the natural impulse of bosses to reduce staff, many, such as acting Leader of the Opposition Jeremy Corbyn, have criticised the Government’s approach to those who own small-scale businesses and freelance workers.

Looking for more

Crisis | Should leaders be taking coronavirus pay cuts?

In response to the criticism, Sunak told the House of Commons that he hoped “to have something to say very shortly” but admitted that implementing any new scheme for the self-employed would take longer – as reported by the Financial Times. “Despite the significant economic interventions we have put in place, we will not be able to protect every single job or save every single business,” Sunak added.

Ed Davey, Acting Leader of the Liberal Democrats, said self-employed workers “ were in real stress, they are deeply worried” because in many cases they were watching their money dwindle swiftly and most were on low incomes. “Of course, there will be examples of self-employed who are wealthy, but they are the minority,” he told the Government.