Welcome to our latest issue of Pareto Matters. The ongoing news of the impact of the Covid-19 pandemic and how it is affecting everyone is a huge concern for us all. Understandably, people are worried about the general economic outlook and their own personal finances.
The Government has created new legal powers in the COVID-19 Bill, enabling it to offer whatever further financial support it thinks necessary to support businesses. On 17 March, the Chancellor, Rishi Sunak, announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330 billion of guarantees – equivalent to 15% of the country’s GDP. This was on top of a series of measures announced at Budget 2020.
During the challenging times of Covid-19, there has also been an increase in the number of fraudulent scams. Individuals are at increased risk of being exposed to financial scams – including those involving phishing emails and cold calls – in an attempt to obtain personal or sensitive information. Be extra vigilant and do not respond to any correspondence which you are unsure about.