According to Bank of England data, UK Gross Domestic Product (“GDP”) fell by 22% over quarters one and two this year, the biggest fall on record. Against this background, job vacancies are down by 55% year-on-year. Last month, Government support was estimated to have cost £192bn (equivalent to 9% of annual GDP) and support is expected to be reduced markedly next year.

In response to the COVID-19 pandemic, the Government passed the Corporate Insolvency and Governance Act 2020 (“CIGA”), which made substantial changes to insolvency and rescue laws. We are also seeing a real desire to tighten up Government subsidies. A reduction in fiscal support alongside a second lock down will undoubtedly have a serious impact on businesses in the coming months as things get a lot tougher. Click ‘download files’ to read the full summary.