It seems that the number of firms taking advantage of the furlough scheme increased in January to the highest level since July 2020, with York being amongst the most reliant areas in the country.
In addition, according to data published by the Office for National Statistics, the percentage of businesses currently trading is around 71%, with the hospitality sector taking the hardest hit, with around only 34% of businesses still trading.
With the furlough scheme due to end at the end of April and the danger that many furloughed employees will simply be made redundant, it will be interesting to see if Rishi has any plans tomorrow to ease the transition.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788, and she will make you an appointment with one of our insolvency professionals at our Driffield, Grimsby, Hull, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.