This will bankrupt more than it kills

[Starbuck8419]

The odds are not looking good for many businesses within the Uk because as of this moment, closing is only an advisory so insurance firms won’t pay out.
Well done Bojo.

Money is replaceable though people aren't.

I agree with you about the advice though, pretty clear BJ would rather shield insurance companies as long as possible rather than making it official and protect the community.

It will do both, we must crack on and do our best and support all who need it

The association of British insurers has said even under mandated closures the vast majority of policies will not cover it.

Even if it is mandated closure lots of insurance companies won’t approve claims anyway as Covid-19 is not on the standard list of notifiable diseases.

I think many of us know this, my husband has had loads of cancellations (does a lot of public speaking) so this will be a disaster for us financially with only my income.

I would still rather this though than see excessive numbers of people die. Money is replaceable and people are not.

The govt clearly needs to rescue individuals and businesses, is there a benefit to sinking insurance companies rather than bailing out businesses? It’s like the pandemic itself, countries will take slightly different advice - sure we’ll see some economic measures announced soon.

It's more worrying that people who thought they were in relatively safe jobs i.e. Airline industry will be pushed in to benefits.
No experience of the system and misinformation, scrounger, cheat etc will cost them.

Things will be very different.

Going bankrupt is not terminal.

The Association of British Insurers released a statement that this morning saying that this was a misconception - Boris closing pubs won’t mean they get insurance payouts.

“Standard business interruption cover, the type the majority of businesses purchase, does not include forced closure by the authorities. It is intended to respond to physical damage at the property which results in the business being unable to continue to trade. A small minority of larger firms may have purchased an extension that covers closure due to any infectious disease, but the majority have not.”

I do agree that it’ll bankrupt more than it kills, but the petition to make the government officially close pubs/restaurants/etc is pretty ill advised, it could do more harm than good for those businesses...

Some of you have missed my point. Nowhere did I say money is preferable to people living.
It’s not an either or but the current situation looks more like it will bankrupt more people than it will kill which is also quite horrendous.

I agree, I’m an architect due to start a new job which has been put on hold. DH is SAHD so we are screwed, never thought we would be in this situation. We need some government support.

My business is going under, but my main concern is hoping that my vulnerable daughter and vulnerable adult son survive this.

oh god poor you!! Anyone left in financial uncertainty I really do feel for them.
Luckily my husbands wage just covers all ours bills and so we won’t be homeless but it’s unbelievably tight!!

@T0tallyFuckedUpFamily well yes, of course and I’m sure they will

It's more worrying that people who thought they were in relatively safe jobs i.e. Airline industry will be pushed in to benefits. No experience of the system and misinformation, scrounger, cheat etc will cost them.

As a socio-political event, that has the potential to have a similar impact working women did on getting the vote after WW1 ... or not, as the case may be.

For plenty of people bankruptcy will have a horrendous effect on mental health. Debt is a major reason people cite for depression and suicidal thoughts. I strongly believe that we will see people ending their lives, or trying to, if the government doesnt provide some serious financial support.

to be fair the govt has just announced a MASSIVE list of measures to help businesses through these difficult times

it won't help everyone or every business but i am generally impressed

Hopefully the £330billion they have pledged in support might help. The vast majority won't be covered under insurance anyway, not forcing the closure is allowing those who are able to adapt; many here are offering deliveries, takeaways, hampers for mother's Day bookings etc rather than refunding if people are happy with that. Also selling vouchers for when they are back up and running etc.

Of course lives are more important than money but many lives are going to be badly affected by job losses and bankruptcy which can in turn lead to deaths.

Not everyone has savings that can see them through.

People will be affected in so many ways it's unfathomable at this time.

I feel sure that we all will help these smaller businesses rise from any ashes, this is a harsh lesson in community I think we are all learning and will be more appreciative.

It’s not an either or but the current situation looks more like it will bankrupt more people than it will kill which is also quite horrendous. yes but it’s you that’s conflating the two. It’s more likely to maim/disable more than it bankrupts.

Your not unreasonable to worry about the financial impact. I think most people are more concerned with if their friends and family will be dead though.

I’d suspect now a days very few people have savings!
Bankruptcy, job loss, the worry of when and how you can pay your bills has huge effects on people’s well being. So yes, being alive may be better than dying from covid but losing out is not to be scoffed at

They won't be paying business rates for the next 12 months, but you do still need customers

Hopefully the £330billion they have pledged in support might help.

Just for perspective that's c. £5,000 for every man, woman and child in the UK at the moment.

I have no idea what that means, but lets hope that we don't suddenly find in 2022 that 90% of the population are expected to pay it back to 10% via "austerity".