VIDEO: Market outlooks – the before, during and after
At 10am on the 21st July, we hosted the fourth of our “in conversation…” webinars, this time featuring the ninth largest private bank in the world, Swiss-based Julius Baer. Ward Hadaway partner Emma Digby once again lead the conversation, this time with Luke Downes and Darren Hirst from their investment and relationship teams on “Market outlooks – the before, during and after”. They were joined by Andrew Evans from our private client team to feed in his perspective. This will be of interest to individuals who are thinking about investment portfolios and pension pots, but also businesses keen to see how investors are viewing their sectors, markets and customers.
Luke and Darren took us through how the markets looked pre-Covid, how they responded to the pandemic, and obviously most importantly what we might expect going forwards. They took a look at the sectors that are seeing the quickest bounce-back, discuss which countries are likely to be the most attractive for investors, and where the long term financial gains are expected to be. They also touched on that imminent event, shrouded in mist recently but no less significant – Brexit! What is the expected effect on the markets, and who are likely to be the winners and the losers?
Related FAQs
You can rotate staff on furlough or flexible furlough.
One option is to make it clear in the letter agreeing to being furloughed that there is an open ended right to rotate and to be able to take them off furlough and bring them back and put them back on.
So the employer reserves the ability to rotate by building into the agreement, but only exercises it if it is permissible.
Rotation is quite key for employers who need to make a temporary reduction to their overheads but want to retain the skills base to call back when work picks up. Having furloughed staff return on a part-time basis may reduce the need to rotate.
It also helps in the employer being able to show that they are treating the workforce as fairly as possible and everyone is taking a reduction. Get in touch if you need help preparing the documentation for furlough that will permit rotation or flexible furlough.
Read more about flexible furlough and how this can be used as part of the CJRS.
This will depend on the particular facts and the employee’s circumstances but an employee should co-operate with the employer so far as is necessary to enable compliance with any statutory duty or requirement relating to health and safety.
In addition, conduct outside of work can result in an employee’s dismissal if the conduct pertains to the employment relationship. If an employee breaches their lockdown rules and it affects their ability to work, such as it being no longer safe for them to attend work, or the reputation of the employer, these may be grounds for disciplinary action and subsequent dismissal.
You will claim a pro rata’d amount of 80% of salary, based on the proportion of hours not worked out of the employee’s normal working hours (their “usual” hours).
There are 2 ways to calculate an employee’s usual hours, depending on whether they have fixed or variable hours/pay:
- For those with fixed hours/pay, you take the number of hours worked in the pay period before 19 March 2020.
- For those with variable hours/pay, you take the higher of:
- the average number of hours worked in the tax year 2019 to 2020 or
- the corresponding calendar period in the tax year 2019 to 2020.
If employees are paid per task or piece of work done, you should work out the usual hours for these employees in the same way as for other employees who work variable hours, if possible.
When you calculate the usual hours, you should include any hours of leave for which they were paid their full contracted rate (such as annual leave) and any hours worked as overtime (but only if the pay for those hours was not discretionary).
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the SSP paid to current or former employees and will be available from 26 May 2020. See here.
The scheme covers all types of employment contracts and employers will be eligible to claim if they:
- Are claiming for an employee who is eligible for sick pay due to coronavirus
- Had a payroll scheme that was created and started on or before 28 February 2020
- Had fewer than 250 employees on 28 February 2020
The repayment will cover up to 2 weeks starting from the first qualifying day of sickness, if an employee is unable to work because they either:
- have coronavirus (COVID-19) symptoms
- cannot work because they are self-isolating because someone they live with has symptoms
- are shielding and have a letter from the NHS or a GP telling them to stay at home for at least 12 weeks
- have been notified by the NHS or public health bodies that they’ve come into contact with someone with coronavirus
- they have been notified by the NHS to self-isolate before surgery
You can claim for periods of sickness starting on or after:
- 13 March 2020 – if your employee had coronavirus or the symptoms or is self-isolating because someone they live with has symptoms; or
- 16 April 2020 – if your employee was shielding because of coronavirus.
- 28 May 2020 – if your employee has been notified by the NHS or public health bodies that they’ve come into contact with someone with coronavirus
- 26 August 2020 – if your employee has been notified by the NHS to self-isolate before surgery
Employees do not have to give you a doctor’s fit note for you to make a claim. But you can ask them to give you either:
- an isolation note from NHS 111 – if they are self-isolating and cannot work because of coronavirus
- the NHS or GP letter telling them to stay at home for at least 12 weeks because they’re at high risk of severe illness from coronavirus
- the evidence from the NHS or public health body requiring them to self-isolate
You must keep the following records in relation to a claim you make under the scheme for three years:
- The reason for the employee’s absence
- Details of each period the employee could not work, including start and end dates
- Details of the SSP qualifying days when the employee could not work
- National insurance numbers for each employee you have paid SSP to
You’ll need to print or save your state aid declaration (from your claim summary) and keep this until 31 December 2024.
A new Permitted Development Right has been introduced providing restaurants and cafes, drinking establishments with expanded food provision to temporarily provide takeaway food. The new right came into force on 24 March 2020 and expires on 23 March 2021. The right is subject to three conditions:
- The developer must notify the local planning authority if the building and any land within its curtilage is being used, or will be used, for the provision of takeaway food at any time during the relevant period
- Change of use to the provision of takeaway food under the Right, does not affect the use class which the building and any land within its curtilage had before the change of use
- If the developer changes use to the provision of takeaway food under the Right, the use of the building and any land within its curtilage reverts to its previous lawful use when the Right expires or, if earlier, when the developer ceases to provide takeaway food.
Alcohol will still be subject to the same licensing requirements. At this stage, it is not clear how the Right will interact with any current planning conditions placed on an establishment. Enforcement however remains discretionary. A link to Statutory Instrument 2020 No.330 is below.