Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Collective redundancyCoronavirusLatest NewsBusiness continuityRedundancy

Consider support before making redundancies, says Bank of England boss

by Ashleigh Webber 19 Mar 2020
by Ashleigh Webber 19 Mar 2020 Bank of England governor, Andrew Bailey.
Image: Tolga Akmen/PA Wire/PA Images
Bank of England governor, Andrew Bailey.
Image: Tolga Akmen/PA Wire/PA Images

Organisations thinking of dismissing staff due to closure or a downturn in business because of the coronavirus should first consider the support the government and financial institutions have offered them, the governor of the Bank of England has urged.

Special extended webinar

Register now for Coronavirus: What employers need to know (webinar) 

Thursday 19 March 2020, 11:30-13:00

Andrew Bailey, who replaced former governor Mark Carney this week, said companies should “stop, look at what’s available, come and talk to us [or] the government” before they decide to reduce headcount.

“Supporting companies and enabling companies to support their workforces is critical here,” he added, in an interview with the BBC.

He said the “big message” was that the Bank of England will “be there to support your needs”.

His comments came after business bodies warned “millions” of jobs in the UK could be on the line because of widespread business shutdowns owing to the virus.

The hospitality industry is expected to be the worst hit, with roughly 200,000 people working in the leisure and hospitality sectors having been laid off since mid-February, according to trade body UKHospitality.

CEO Kate Nicholls said: “Our analysis suggests in excess of one million jobs are now on the line.  Job cuts are extraordinarily deep and they are happening now – today and tomorrow, and are snowballing.

“Companies are having to make the very difficult decisions now and with many hospitality and leisure businesses now having to choose to close or massively reduce their operations, there is little chance of saving many jobs without far-reaching help.”

She said the sector is in urgent need of a package of support and funding to keep people in employment.

Earlier this week chancellor Rishi Sunak unveiled a £350bn package to support struggling firms, including £330bn of business loan guarantees. However, Nicholls said this would not stop job losses as “companies will be very worried about taking loans to pay staff when they have zero income – for many, it just isn’t viable”.

“This is about helping individual people to preserve their employment status, and to avoid swamping the already-strained welfare system.  It will also allow companies to keep their teams and be ready to aid the economic recovery when stability returns,” she added.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

The CBI has also warned that hundreds of thousands of jobs across the economy are also likely to be lost.

HR roles in hospitality and leisure on Personnel Today

Browse more HR roles in hospitality and leisure

Ashleigh Webber

Ashleigh is a former editor of OHW+ and former HR and wellbeing editor at Personnel Today. Ashleigh's areas of interest include employee health and wellbeing, equality and inclusion and skills development. She has hosted many webinars for Personnel Today, on topics including employee retention, financial wellbeing and menopause support.

previous post
Coronavirus: What employers need to know (webinar)
next post
Negative stereotypes ‘affect older employees’ perceptions about potential’

You may also like

Tribunal finds need for degree in redundancy selection...

14 May 2025

Construction workers win compensation claim against defunct employer

9 May 2025

British Steel puts brakes on redundancy process

23 Apr 2025

British Steel: MPs recalled to enable nationalisation

11 Apr 2025

Met Police cuts 1,700 officers and staff in...

3 Apr 2025

Top 10 HR questions March 2025: Carrying over...

2 Apr 2025

Sky to close call centres cutting 2,000 jobs

28 Mar 2025

Reasons behind Dundee University job losses to be...

28 Mar 2025

British Steel to shed 2,700 jobs at Scunthorpe...

27 Mar 2025

April 2025: What’s coming up for HR?

21 Mar 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+