UK Business Minister Alok Sharma said on Saturday that the British Government will implement new measures aimed at helping those companies that have been affected by the COVID-19 crisis.
Sharma was in charge of the daily press conference that members of the Executive offer in Downing Street – the prime minister’s official office – to report on the current situation in the country, after the Tory leader, Boris Johnson, announced yesterday that he has given positive for coronavirus, like the Minister of Health, Matt Hancock.
Following the current pandemic, British companies have urged the Executive to lower the regulatory burden in order to survive the crisis.
As explained today by the head of Companies, the Government will modify the current insolvency system, giving companies that are experiencing financial problems because of this situation “much more flexibility while facing the current crisis” in order to get them out of it “intact “and supported.
“It is crucial that when this crisis passes, that it will, we are ready to recover,” said the minister, while explaining that the measures “will give these companies extra time and space to overcome the storm and be ready when the crisis ends. , while ensuring that creditors achieve the best possible remuneration in these circumstances. “
In this way, the government will allow companies undergoing restructuring processes to continue to have access to supplies and raw materials.
In his videoconference meeting with the media, Sharma said “the administrative bureaucracy” will be lowered to allow new producers of hand sanitizer gel – a product that has been out of stock for weeks in all stores in the country – to bring products to market. ” in a matter of days. “
“We are going to remove all administrative barriers to the production of hand sanitizer,” he announced.
By cutting red tape, “new suppliers and businesses that manufacture ingredients for hand sanitizers will be able to bring their products to market in a matter of days.”
The executive is also “going to boost the supply of personal protective equipment, such as face masks, to protect British health service personnel,” the minister said.
The government has already announced other financial aid this week, including that it will pay 80% of monthly earnings, up to a limit of 2,500 pounds per month (2,750 euros), to self-employed workers affected by the pandemic.
Self-employed workers with annual earnings of less than £ 50,000 (€ 55,000), which according to Sunak represent 95% of the group in the UK, will be eligible for this program.
Previously, the British Executive had also detailed a similar plan for employees at risk of being fired.
In this case, the government indicated that it will take over 80% of their salary, also up to 2,500 pounds, if the company keeps them on staff during the health crisis.