Tag Archives: Government

Finance and Banking, Investment, Investment News, News

Just 27% of UK investors have faith in Tory economic policy

A new survey of 721 UK-based retail investors has revealed their sentiments towards the Government, and how they are managing their portfolios in the current climate:

– Only 30% believe Jeremy Hunt is the right person to be Chancellor
– Even fewer (27%) have confidence in the Government’s economic policies
– 48% of investors are looking to easily tradable investments to counter economic turbulence

Only a quarter of UK retail investors have faith in Tory economic policy, with the majority concerned about slowing economic growth, new research commissioned by HYCM has found.

The online forex and CFD broker commissioned an independent survey of 721 UK-based investors, all of whom have investments in excess of £10,000, excluding the value of their savings, pensions and residential property.

It found that less than a third (30%) believe Jeremy Hunt is the right person to be chancellor.

Just 27% have confidence in the Conservative party’s economic policies, with only 22% believing the measures announced in the recent Autumn Statement will have a positive impact on their investments.

However, almost half (48%) think the Government is right to raise taxes and cut spending to tackle the budget deficit. Further, 58% said rising interest rates and inflation are their biggest concerns.

When asked about their investment activities over the past six months and their priorities when managing their portfolio, 48% said having investments they can quickly and easily trade or withdraw was important. Similar numbers (45%) are avoiding making long-term investment decisions due to continued political and economic uncertainty.

HYCM’s survey revealed that just 26% of UK retail investors are satisfied with their investment returns over the last six months. Despite market volatility, only a fifth (21%) have shifted their investment strategy to more traditionally stable assets, such as gold and bonds.

Looking ahead, 37% are more likely to diversify their investments in 2023 to ensure they can perform well in a range of potential scenarios.

Giles Coghlan, Chief Market Analyst, HYCM, said: “After a turbulent six months in UK politics, the financial markets have seen unprecedented levels of volatility. Three prime ministers, four chancellors, a disastrous mini-budget, and inflation still surging despite successive interest rate hikes – HYCM research shows UK investors are suffering a crisis of confidence in the Government.

“Interestingly, around four in five investors (79%) are not planning on decreasing their holdings in stocks and shares investments, despite the threat that raging inflation poses to their portfolios. If the UK has a deeper recession than is currently forecast, the wealth effect and the risk of a sharp capitulation in stock positions could inflict a significant amount of damage. With this in mind, at what point will those investors move away from stocks? Ironically, it could create the perfect conditions to buy when the panic selling begins.

“Although things have somewhat calmed since Hunt delivered his Autumn Statement, many investors would still benefit from exploring their options – whether this means looking to safe haven assets or diversifying their investments to boost their returns as the UK weathers a recession.”

—

About HYCM

HYCM is an online provider of forex and Contracts for Difference (CFDs) trading services for both retail and institutional traders. HYCM is regulated by the internationally recognized financial regulator FCA. HYCM is backed by the HYCM Capital Markets Group providing trading services since 1998. The Group via its relevant subsidiaries have representations in Hong Kong, United Kingdom, Dubai, and Cyprus.

High-Risk Investment Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. For more information, please refer to HYCM’s Risk Disclosure.

News

NormCyber awarded a place on CCS Cyber Security Services 3 dynamic purchasing system

NormCyber, the award-winning managed security service provider for mid-sized organisations, today announced it has been awarded a place on the Crown Commercial Service’s (CCS) Cyber Security Services 3 dynamic purchasing system (DPS).

The DPS provides all UK central government departments, wider public sector organisations and charities flexibility and choice when procuring cyber security services. Norm.’s managed services offer effective protection against all common cyber threats such as phishing, ransomware, supply chain and cloud security attacks.

As an appointed supplier in the DPS, Norm. is able to offer the following cyber security service modules from its market leading smartbloc.TM solution:

  • Cyber Essentials and Cyber Essentials PLUS certification
  • ISO27001 consultancy and advice
  • CREST-accredited penetration testing
  • Computer Security Incident Response Team (CSIRT)
  • NCSC-endorsed cyber safety and phishing awareness training
  • Fully-managed vulnerability and patch management service
  • Network, cloud, and endpoint threat detection and response (XDR) service from Norm’s UK-based 24*7 Security Operations Centre (SOC)

“Public sector organisations are a particularly attractive target to cybercriminals due to their vital role, sheer size and notably outdated IT systems. Ensuring cyber resilience in the sector requires joined-up thinking across three core areas – people, process and technology,” said Pete Bowers, COO at NormCyber. “Mid-sized organisations procuring Norm.’s services through the DPS can rest assured that they’re receiving the most comprehensive and easy-to-understand cyber security solution on the market today, to help them bolster their security postures.”

For more information, visit https://www.crowncommercial.gov.uk/agreements/RM3764.3

News, Security

UKCloud acquisition approved by UK Government

Approval of UKCloud’s acquisition under the National Security and Investment Act clears the way for substantial new investment. This cements its position as a leading UK-based provider with a fresh strategic vision for sustainable digital transformation across the UK.

London – 13 April 2022 – UKCloud, the multi-cloud experts dedicated to digital transformation across the UK public sector, has now received approval for its acquisition by Hadston 2 under the National Security and Investment Act. The forensic scrutiny applied to the transaction is essential for maintaining the UK’s national security, and is especially important for UK-based leaders in strategic sectors like UKCloud. The confirmation of this approval by the Secretary of State for Business, Energy and Industrial Strategy means the substantial new investment can now be finalised, solidifying UKCloud’s role as a financially robust, innovative and market-leading technology company based in the United Kingdom.

The approval clears the way for completion of the previously announced acquisition by Hadston 2 Limited, an investment vehicle led by well-known entrepreneur and UKCloud Chairman, Jeff Thomas, and backed by existing institutional investors including BGF and Digital Alpha. This significant investment will allow UKCloud to begin executing its strategic plan, while redoubling its commitment to the UK’s technology sector.

Approval of the new investment will pave the way for the expansion of UKCloud’s product portfolio, including significant enhancements in its platform and services, and investment in its people over the coming months. In particular, the company will concentrate on deepening its key strategic relationships, which will enhance its focus on sovereign cloud services, and will secure closer, exciting partnerships with world-leading tech companies. This will also support UKCloud’s ongoing commitment to provide sustainable high skill, high wage jobs to the benefit of the UK’s economy, society and environment.

Simon Hansford, CEO, UKCloud commented:

“UKCloud has an exciting and vibrant future, embracing a new strategic direction, engaging collaboratively with globally recognised technology companies to deliver first-class client solutions to our UK customers. UKCloud will be making significant investments in its platform, services and people over the coming months following the approval of funding under the National Security & Investment Act.”

News, Security

Government authorities are likely to see an increase in cyber warfare attacks, says Holm Security

Stockholm, Sweden, 17 March 2022 – Holm Security is backing the calls of the European Commission and Swedish Civil Contingencies Agency (MSB), who in recent weeks have urged government authorities to check their cyber security defenses for possible vulnerabilities in response to predictions of increased levels of cyberattacks. At the Munich Cyber Security Conference last month, the European Commission Vice-President Margaritis Schinas said that cybercriminals were targeting ‘ever more sectors and entities that are critical to the functioning of our economies and of our societies’.

“Cyberattacks can pose a threat to our way of life by targeting government authorities that provide us with essential services that we take for granted. In the last few years, we have seen firsthand the impact of cyberattacks on companies like SolarWinds and the Colonial Pipeline. It is often one weak link that opens the door to entire infrastructure,” says Holm Security CEO Stefan Thelberg. “Fortunately, there are intelligent, but simple, solutions available that are able to identify gaps in your cyber security defenses before it is too late.”

In response to rising predictions of cyberattacks, Holm Security is now offering free vulnerability scans for all government authorities across Europe. This initiative aims to assist government authorities in detecting possible unknown vulnerabilities in their current cyber security defenses so that these can be addressed, and, in turn, help to increase the level of cyber security defense readiness.

“I am happy to announce that Holm Security will offer a free vulnerability assessment scan that assists authorities in identifying unknown gaps in their cyber security defenses. By utilizing our vulnerability management platform, these vital government authorities can take concrete steps towards increasing their level of readiness and protect themselves against future cyberattacks.”

If you are a governmental authority within Europe and would like to know how to avail of this free vulnerability scan, please click here to find out more: https://www.holmsecurity.com/free-vm-eu?utm_campaign=Press%20Release%20-%20EU%20Cyber%20Security%20Defense&utm_source=ppr

Finance News, News

Spending watchdog finds £845m of errors in government modelling

  • Financial modelling company Gridlines is calling for transparency around how business critical government models are created and used.
  • National Audit Office finds spreadsheet errors of £800m and £45m in two financial models that had not been independently reviewed.

Errors which led to significant losses of taxpayers’ money and caused lengthy delays to critical government programmes could have been prevented by improving the way financial models are created and used across Whitehall, according to financial modelling experts.

A recent report from the National Audit Office (NAO) said there were, “significant weaknesses in how government produces and uses models” and raised concerns that “Without further progress, government plans will continue to be developed with weaknesses that place value for money at risk”.

Financial modelling expert and Partner at modelling support firm Gridlines, Kenny Whitelaw-Jones, is frustrated at how little progress has been made on improving standards within government departments. “There is no responsibility or accountability for upholding modelling standards and driving improvement across government”, he said.

The government’s own guidance requires that business-critical models are subject to independent quality assurance. The NAO report found that this does not happen consistently and that in their audit work across government they regularly find mistakes in departments’ models. They recently found errors of £800m and £45m in two financial models that had not been independently reviewed.

“It is taxpayers who are going to pay the price for the mistakes that stay hidden. The government must increase the transparency around financial models that are used to underpin critical project decision making and improve public trust”, Mr Whitelaw-Jones continued.

The government relies on financial modelling for business-critical activities – which in recent years has included planning NHS Test and Trace services and estimating settlement costs of leaving the EU. The NAO sampled 75 business-critical models used in government while compiling their report and found no information publicly available for more than half of them (45). Out of the 17 departments surveyed that have published registers of business-critical models, only four have been updated in the past five years.

In light of the NAO’s findings, Gridlines is calling on the government to:

  • Increase the transparency around the financial models used to underpin critical government decision making
  • Adopt standards for financial models to be used throughout government
  • Increase the use of independent model quality control as is the norm in the private sector
  • Increase communication around the inherent uncertainty in model outputs and take this into account in government decision making.

“Financial modelling is critical to how the government makes business-critical decisions, assesses risks and manages spending. Without further progress, more mistakes will be made and more public money will be wasted”, Mr Whitelaw-Jones said.

For more information on the NAO’s financial modelling in government report, please visit: https://www.nao.org.uk/wp-content/uploads/2022/01/Financial-modelling-in-government.pdf

News

Levelling Up: pre-White Paper perspectives from economic development professionals published

Ahead of the publication of the long-awaited Levelling Up White Paper, the Institute of Economic Development (IED) is sharing new insight which sets out the views of members on what is required from the UK government’s flagship policy.

Levelling Up: pre-White Paper perspectives from economic development professionals is a collection of thought leadership articles around what could be undertaken in respect of themes such as cities, towns, coastal settlements, community-led levelling up, widening opportunity and social capital, and structures. It then arrives at a series of conclusions drawn mostly from local authority members writing in a personal capacity.

IED Executive Director Nigel Wilcock, who led the development of the paper, said it was not an “attempt to prioritise the potential solutions” around Levelling Up. Instead, its main purpose was to collate and share a “huge body of expertise often based on the lessons learned from the past – both in the UK and more widely” – from a cross-section of its membership.

“It is our intention that each short chapter may offer something relevant to members (and beyond) and will stimulate further debate and thinking,” he explained. “These have tended to address themes from a slightly more spatial perspective than is expected in the White Paper, and of course once that White Paper has been published and considered, the IED will be responding more formally to the consultation. There are some commonalties within chapters but, remarkably, very few contradictory views.”

Levelling Up: pre-White Paper perspectives from economic development professionals goes on to highlight a number of “recurring themes”:

  • Levelling Up and economic development is about people and communities, yet they are frequently left out of the narrative. Community confidence, aspiration, skills and opportunity need to be at the centre of everything that is considered.
  • Trickle-down economics has not worked. Economic growth in the UK over the recent past has generally delivered benefits for a few whilst barely touching many. Against a backdrop of the Levelling Up agenda, much of the work undertaken can therefore be considered to have failed.
  • The failure of the various initiatives is partly because the approach was never designed to address inequalities – but also partly because the challenges relating to Levelling Up involve multiple issues covered by several different government departments and organisations. There is a need for far more cross-initiative working.
  • Attempting to work cross-departmentally within government is nirvana – often desired and seldom achieved. Considering interlocking issues at a local level is, however, more achievable and suggests that devolution should be deepened and accelerated.
  • The current approach to devolution is flawed – with local actors now responsible for administering the same Westminster funds with the same rules as before it is unsurprising that the outcomes achieved remain the same.
  • Devolution can better align local economic development with local needs and local governance. Such a model can address policy silos and should be aligned with the requirement to make economic development a statutory function.
  • Ensuring that economic development is a statutory function can then make certain that the delivery of economic development initiatives takes place against the backdrop of greater certainty with a focus on the long term.
  • There is no need for disheartenment from some of the initiatives failing – failure is a mechanism for refinement, but this is not recognised sufficiently within public sector approaches.

Nigel concluded: “Economic development has long been considered as a function that needs to address areas of market failure – it is this mantra that has shaped the profession. However, how might the profession be shaped for the decade ahead if we look down the telescope from the other end? Perhaps there are elements of economic development that would be shaped more effectively if they were considered outside of the market? Should we be completing gymnastics on a pin head to demonstrate the value for money of interventions to improve public realm; better align education and training with the economy; or address the most intractable problems in communities? Alternatively, in a world where Levelling Up is the new objective, should the better local statutory provision of economic development be a given?”

Contributors to Levelling Up: pre-White Paper perspectives from economic development professionals include economic development professionals based at Derby City Council, Harrogate Borough Council, Liverpool City Region Combined Authority, South & East Lincolnshire Councils Partnership and in Dumfries, South-West Scotland.

News, Research

Government COVID Response did not effectively support UK migrants, new study suggests

The Government’s response to curbing the spread of Covid-19 did not do enough to support the challenges or needs of migrants living in the UK, new research suggests.

The study, conducted by Professor Benedetta Cappellini at Durham University Business School, alongside colleagues Dorothy Ai-wan Yen on of Brunel Business School, Hsiao-Pei Yang of Coventry University and Suraksha Gupta of Newcastle University London, sought to better understand why migrants living in the UK experienced additional mental strains and anxieties during Covid-19 and the subsequent lockdown measures imposed by the Government, in order to help facilitate justice for overlooked parts of society.

Professor Cappellini said;

“The Government employed a variety of interventions to minimise the transmission and impact of Covid-19. These included communication campaigns through media, healthcare support, social distancing, national and regional lockdowns, and financial support schemes for businesses. Nevertheless, Covid-19 does not affect all groups of people equally. Our study shows that migrants struggle to cope more than non-migrants during global pandemics because of cultural barriers, reduced access to healthcare and welfare support, and limited social and often economic capital.”

Globally, the researchers say, policymakers have overlooked the challenges faced by international migrants in their host countries during the pandemic. However, the UK in particular received controversial global reviews and scrutiny due to the Government’s initial pandemic response and high death toll.

The researchers conducted 60 interviews with Chinese, Italian and Iranian migrants living in the UK. These nationalities were specifically chosen due to the high number of deaths within their countries at the time the study took place, and because of the stricter prevention measures enforced within their own borders, at a time before such restrictions came into place in the UK.

The interviewees were asked general questions about their personal backgrounds, professions and their motivations to move to the UK, as well as more exploratory questions designed to gauge their understanding of the lockdown and government measures both in their home countries and in the UK. Researchers also asked interviewees about their daily experiences of mandatory confinement and their different coping practices.

The results showed that, similarly to UK nationals, migrants adapted their living and working habits during the lockdown to best comply with government guidance and to stay safe. However, the research shows that, in the early stages of the pandemic, many migrants experienced unexpected and significant new worries if they adopted additional health and safety practices in line with the guidance distributed by their home countries that had not yet been advised or adopted by UK Government.

For example, interviewees expressed mask wearing to be a common source of worry in the early months of the pandemic. Migrants whose home countries were advocating mask use were eager to protect themselves from infection but remained wary of a negative or hostile public response.

Professor Cappellini says,

“At the time of the fieldwork, the UK Government was still advising against the benefits of wearing face masks to the general public, but participants offered counterarguments in favour of mask use, citing sources from their home countries, including newspaper articles and information received through networks of friends and family. Some were also actively involved in convincing sceptical British colleagues and friends via social media of the benefits of mask wearing. Nevertheless, many participants said they were at times reluctant to wear a mask so as not to seem different from UK friends and colleagues.”

According to the researchers, the unexpected and negative reactions migrant interviewees had received from those around them triggered additional emotional stress and anxieties. As a result, migrants were faced with adopting “multi-layered integrated coping strategies”, developing individual, household-based and community-based protective strategies, in order to stay safe and not provoke additional anxieties.

Families which encompassed mixed nationalities were placed under further strain when migrants’ families overseas implored their UK-based relatives to adopt more cautious behaviour such as mask wearing and social distancing, particularly when British members of the family chose not to do so.

Other concerns highlighted by the study was the limited effectiveness of Government messaging to penetrate some migrant communities where English was not a first language and, consequently, communities did not engage with British media or news and were unable to both fully follow lockdown rules or use support services.

Professor Cappellini says,

“Our paper illustrates how coping became paradoxical, because alongside the need to cope with the pandemic, migrants also had to cope with the hostile reactions that their initial coping strategies provoked from those around them. Migrants had to learn to cope with coping.”

By highlighting this concept, the researchers believe their study leads to several managerial implications for governments and policymakers to consider in the event of future pandemics or Covid-19 lockdowns, to best ensure public health, safety and wellbeing are protected. Action should be taken, they say, to support migrant families and communities and to promote societal understanding and inclusion.

News

Adoption of single synthetic environment predicted to save MoD £1.3bn, with total quantitative benefits reaching over £3bn

New Impact Assessment report from EY reveals the massive quantitative and vital qualitative benefits of adopting a platform-as-a-service single synthetic environment in the UK

  • Often referred to as ‘digital twins’ or ‘virtual worlds’, EY predicts adoption of a platform approach to building single synthetic environments within the UK’s Digital Backbone for defence, could provide £3bn in benefits, including £1.3bn in cost savings for the MoD
  • The new report follows the UK government’s Integrated Review which called for the construction of a ‘digital backbone’ for UK defence, of which a single synthetic environment should be a critical pillar, and investment to become a science and technology superpower by 2030

New analysis and research from EY commissioned by Improbable today reveals that over a 10 year period, adopting a platform approach to developing synthetic environments across UK defence, could deliver quantitative benefits in excess of £3bn. Synthetic environment (SE) technology is a critical enabler of multi-domain integration and vital for delivering the digital ambition set out recently in the UK’s 2021 Integrated Review and the MoD’s Digital Strategy for Defence.

Often referred to as ‘digital twins’ or ‘virtual worlds’, synthetic environments are digital versions of chosen environments, whether that’s physical (e.g. a city), non-physical (e.g. a social network) or a mix of both. The Digital Backbone’s Single Synthetic Environment aims to bring together the data streams, models and AI from across government, industry and academia to drive creation of multiple synthetic environment solutions to support critical functions across Defence.

Taking a platform-as-a-service (PaaS) approach to an SSE would enable MoD to establish a collaborative SE “solution factory” that harnesses the combined resources of established suppliers and those of SMEs and providers beyond the traditional defence base.

Furthermore, a PasS approach to an SSE changes how synthetic environment solutions are procured, developed and evolved, and moves away from the linear delivery of siloed projects and towards a far more agile, integrated and adaptable delivery that shares data and component capabilities across solutions.

A PaaS SSE will then ultimately allow all branches of the UK Armed Forces and their allies to train, plan and operate together through more coordinated synthetic environments.

For the first time, EY’s analysis has found that adoption of a platform approach to the UK’s digital backbone’s single synthetic environment could provide the following financial benefits to the UK:

  • £1.3bn in direct cost benefits to the MoD, including £810m from reduced content development costs, and £450m from reduced back end support costs
  • £1bn-£1.5bn in indirect cost benefits to the MoD, including the benefits of better decision making, reduction of spending on R&D, and the benefits to the environment
  • £300m-£750m in wider economic benefits for the UK, including UK export opportunities and innovation spill overs

 

This is in addition to the qualitative benefits of this approach, including:

  • Greater interoperability: A simplification for different branches of the Armed Forces looking to work together, and with their allies
  • Rapid access to context and insights: A reduction in barriers to content suppliers, providing greater supply chain diversity, competition and innovation, including from smaller innovative UK tech companies
  • A reduced impact on the environment: A SSE reduced the need to travel, use carbon heavy equipment in live testing and expend resources like ammunition

 

The UK government’s 2021 Integrated Review restated the need for a radical digital transformation and for the UK to secure its status as a science and technology superpower by 2030. The Defence Secretary described investment in synthetics and simulation “to exploit new domains and enhance productivity” as part of the Review’s “mission to seek out and to understand future threats, and to invest in the capabilities to defeat them”, a call reflected in the MoD’s Digital Strategy for Defence 2021 where the SSE is named as one of the three critical pillars building the UK’s Digital Backbone for Defence.

The MoD has been working on trial programmes with companies including Improbable, a UK technology company that works across the NATO alliance to combine computational modelling, AI, data analytics and other skills and knowledge relevant to defence and national security applications. 

The Improbable synthetic environment platform and partner ecosystem offer a powerful, flexible and secure platform, for delivering simulations and synthetic environments tailored to the needs of the defence community.

The Executive Summary for EY’s Impact Assessment report is available from the Improbable website here https://defence.improbable.io/ey-paas-assessment. 

 

Joe Robinson, CEO of Improbable’s defence business comments: “Adopting and deploying a synthetic environment platform across UK national security is an important step in building the digital backbone for defence. We have long known the significant qualitative benefits that the single synthetic environment would provide, and are pleased to see this new analysis from EY that also shows the £3bn qualitative benefits to the MoD and wider UK economy from taking a platform-as-a-service approach. It’s never been more important to invest in UK science and technology, for our security, resilience, and economic prosperity.

 

Iain Burgess, Defence & Security Lead at EY comments: “As the UK redefines its place in the world, it is clear that technology must be at the forefront in helping create a more resilient, sustainable and prosperous country for our citizens. As a core pillar of the MoD’s Digital Strategy, a single synthetic environment is a critical step in defining the future role of technology in Defence and National Security, setting the standards for others to follow and delivering clear financial, operational and sustainable benefits once implemented.” 

Cybersecurity, News

Think before you link: Campaign to counter hidden online threat to national security

Think Before You Link is a new government security campaign from CPNI, the UK Government’s National Technical Authority for Physical and Personnel Protective Security. The campaign videos and materials were created by London communications agency AML and highlight the possible dangers of connecting to unknown profiles on professional networking sites. The campaign has been adapted by UK ‘five eyes’ security partners UK, USA, Canada, Australia and New Zealand.

MI5 the security service has assessed that in excess of 10,000 UK nationals across virtually all government departments and key industries have been approached by malicious profiles on behalf of hostile states on a premier professional networking site over the last 5 years.

Ken McCallum, director-general of MI5, said “This campaign, which harnesses the insight derived from our intelligence, behavioural science experts and co-operation of Five Eyes partners, will strengthen the UK’s collective defences against this activity.”

Commenting on the campaign Ian Henderson, CEO, AML Group says “The campaign is designed to raise awareness of the potential dangers, to encourage behavioural change and to help people remember the key steps and actions to follow. Being duped into linking to people online who are not who they say they are is a very real threat – especially to those individuals with access to sensitive information. We’re very proud to be able to support the work of CPNI.”

HR News, News, Recruitment News

Trade body responds to extended wage protection and loan schemes

The Association of Professional Staffing Companies (APSCo) has welcomed the further support announced by the Chancellor to support businesses and viable jobs beyond 31st October, but calls for further support on training.

Tania Bowers, Legal Counsel and Head of Public Policy at APSCo commented:

“Following the Prime Minister’s announcement of further restrictions to combat the spread of the virus, there was clearly a need to provide additional financial support to struggling businesses and secure jobs. Consequently, we welcome the new measures outlined by the Chancellor today in respect of Bounce-back Loans and CBILS, as we know that many of our members were very concerned about the prospects of repayment schedules next year.

“We are also pleased to see additional job support once the current furlough scheme ends on 31st October. Requiring employees to work a minimum of 33% of normal hours is, in our view, a sensible option as employees on long term furlough need to get back to work, even if for a limited time. The Job Support Scheme will help our members maintain headcount during the on-going uncertainty, albeit we fear there may still be redundancies.

“However, there is no mention of incentives to provide training for individuals during the Job Support Scheme. We will continue to call for a relaxation on the use of the Apprenticeship Levy funds to enable businesses to up-skill their workforce during periods of downtime. We are also keen to understand more about the prospect of larger firms being able to claim the Job Support Scheme if their “turnover has fallen” during crisis.

“It is still a concern that the existing gap of support for PSC contractors working outside IR35 remains, although we note such individuals can extend payment of taxes due under self-assessment for 12 months from next January.

“Our recent research has shown green shoots of growth in the economy over the last quarter but many of our members are concerned about the impact of the return to widespread home working. We continue to face tough times, but recruiters can better weather the storm with the right support. APSCo will continue to provide resources, guidance and insight to its members flowing from its direct access to Government and relationships with industry experts”