Sunday, January 17, 2021

More Midlands workers furloughed than any other UK region’s except London

The ongoing importance of Government support for business during the pandemic has again been underlined in figures showing that more workers in the Midlands were placed in Coronavirus Job Retention Scheme (CJRS) than any other UK region apart from London.

One in 10 employees in the Midlands – some 487,000 people – were furloughed, according to the most recent data from the Office of National Statistics (to August 31).  This compares to 557,300 in London; 319,300 in the North West, 242,600 in Scotland and 220,100 in Yorkshire and Humberside.

In the West Midlands 278,000 people were furloughed, with Staffordshire recording the highest sub-regional figure of 40,500 workers. In the East Midlands, it was 209,000 people, with Northamptonshire having the greatest number in the scheme, some 36,400 employees.

Figures from the British Business Bank also show the two other main support programmes, Business Bounce Back Loans (BBLS), and Coronavirus Business Interruption Loan Scheme (CBILS) having a huge impact across the Midlands.

In the latest figures, to October, over one million Business Bounce Back Loans had been offered across the UK, with a total value of £38.8 billion. London accounted for around 20% with 259,655 loans, with a combined value of £8.6 billion.

Midlands businesses represented 14% of take up of BBLS, with £5.5 billion offered through 183,676 loans. It’s the second highest UK figure, just ahead of the South East which also received 14% of the loans to a value of £5.3 billion.

CBILS was used a little less widely in the Midlands, with 8,846 loans totalling £2.1 billion. The West Midlands accounted for 4,722 loans worth £1.1 billion. It was a similar story in the East Midlands, with 4,124 loans and a value of £1 billion.

By contrast, 9,892 were loans were offered in London with a value of £2.8 billion. The Midlands represented the third highest take up in the country – 14% of the proportion of UK businesses offered CBILS facilities, behind to 18% in London, 16% in the South East.

Business and financial adviser Grant Thornton UK LLP has stressed the importance of sustaining the support programmes. David Hillan, practice leader of Grant Thornton in the West Midlands, said: “The Chancellor’s Spending Review presented the reality of the cost of the economic crisis we are living through – a staggering £280 billion this year alone. Nevertheless, our economy is facing the double whammy of a pandemic and Brexit and it’s absolutely critical that intervention is maintained on the road ahead.

“We’ve all seen some superb businesses struggle through this crisis and for all the importance of pivoting, cash preservation and remaining positive amid the continuing restrictions, some sectors are clearly more vulnerable than others and the government is having to dig deep.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Derby recruitment firm to open three new offices

Sky Recruitment Solutions is to open three new UK offices following a “phenomenal” growth in turnover and staff numbers during 2020. The company, based in...

Supreme Court rules in favour of small business claims against commercial insurers

In good news for small firms, a Supreme Court ruling will see thousands have their disputed COVID-19 business interruption claims paid. It is expected that these...

New warehousing facility set for the East Midlands as Mars looks to reduce logistics carbon footprint

A new, multi-year partnership between Mars and DHL will see the construction of two state of the art warehousing facilities and the creation of...

Preventative healthcare specialist completes double acquisition of Lincs companies

Preventative healthcare specialist PAM Group has completed a double acquisition as it continues its buy-and-build strategy. The Warrington-based group has bought 66Fit and Physio Supplies...

Private equity fund swoops for Corby fruit supplier

Elaghmore, the UK Private Equity fund, has acquired Corby-based Orchard House Foods Ltd, the suppliers of prepared fruit, fresh fruit drinks and desserts, from...

Related news

Two tenants secure premises at Lutterworth business park

Two new tenants have secured premises at Cosford Business Park in Lutterworth. Wells McFarlane has recently completed two transactions which will see expansion for Deacons Martial...

Derby recruitment firm to open three new offices

Sky Recruitment Solutions is to open three new UK offices following a “phenomenal” growth in turnover and staff numbers during 2020. The company, based in...

Supreme Court rules in favour of small business claims against commercial insurers

In good news for small firms, a Supreme Court ruling will see thousands have their disputed COVID-19 business interruption claims paid. It is expected that these...

New warehousing facility set for the East Midlands as Mars looks to reduce logistics carbon footprint

A new, multi-year partnership between Mars and DHL will see the construction of two state of the art warehousing facilities and the creation of...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close