Much of the private sector has been badly impacted by the coronavirus pandemic. However, there have been a range of examples of the private sector mobilising to assist with the efforts to combat the spread of the coronavirus and mitigate its impacts.
Covid-19: Private Sector Contribution (230 KB , PDF)
From the closure of premises and disruption of supply chains to the numbers of workers who may be required to isolate themselves to limit the spread of COVID-19 and falling consumer spending, the impact of the coronavirus pandemic on the private sector is manifesting itself in crises of both supply and demand. Whilst the impact of the crisis across different sectors is deeply uneven, it is estimated that 7.6 million jobs (around 24 percent of the UK workforce) may be at risk and the Chancellor of the Exchequer, Rishi Sunak, has acknowledged that not all businesses will survive the pandemic. The Government has announced a range of support measures worth more than £330 billion to assist businesses and employees, including:
There have also been a range of examples of the private sector mobilising to assist with the efforts to combat the spread of the coronavirus and mitigate its impacts. They include (but are not limited to) engineering and manufacturing firms shifting their production processes to assist in the manufacture of ventilators and ventilator components; breweries and cosmetic retailers producing hand sanitiser; the development of contact tracing and symptom recording apps; and continued cooperation across the pharmaceutical and research sectors in the search for viable vaccines and treatments for the disease.
However, the Government has also attracted criticism for appearing slow or reluctant to take up related offers of assistance, notably from UK-based manufacturers of personal protective equipment (PPE). In turn, the Government has contended it must be sure that all such equipment meets required safety standards and said it was in dialogue with those who had offered to help.
On 21 May 2020, the House of Lords is due to debate a motion moved by Lord Dobbs (Conservative) that “the virtual proceedings do consider the contribution made by businesses and the wider private sector in addressing the COVID-19 pandemic”.
Covid-19: Private Sector Contribution (230 KB , PDF)
The National Insurance Contributions (Secondary Class 1 Contributions) Bill would implement the changes to employer national insurance contributions announced by Chancellor Rachel Reeves in the 2024 autumn budget.
The Terrorism (Protection of Premises) Bill would introduce requirements on those responsible for certain publicly accessible premises and events to implement measures in the event of a terrorist attack. It would also require certain larger premises and events to take steps to reduce their vulnerability to terrorist attacks.
In the autumn budget the chancellor announced changes to inheritance tax reliefs. From April 2026, taxes would apply to agricultural assets over £1mn (or up to £3mn in certain circumstances). The government has said this would just affect the wealthiest landowners and disincentivise buying agricultural land to avoid tax. Farming groups have argued the policy is a threat to the future of family farming and the UK's food security.
