Half of motor trade jobs could be lost due to lockdown
Just under half of all jobs in the motor trade sector could be lost due to the coronavirus lockdown.
New research by the Institute for Social and Economic Research at the University of Essex has looked at the impact of the shutdown on different sectors and predicts that a total of 6.5m jobs will be lost in the economy.
Although not the hardest hit, it says the ‘wholesale, retail and repair of motor vehicles’ sector will lose 47.6 per cent – or roughly two million jobs – and will be the third hardest hit sector.
Accommodation and food services are predicted to suffer the worst with 75.1 per cent of jobs lost.
Expert warns there is no guarantee of successful Covid-19 vaccine – report
The world must live with the threat of Covid-19 ‘for the foreseeable future’ as there is no guarantee of a successful vaccine, a prominent expert on the disease has said.
David Nabarro, professor of global health at Imperial College London and an envoy for the World Health Organisation on Covid-19, told The Observer that people around the globe will have to adapt to the ongoing threat of coronavirus.
‘You don’t necessarily develop a vaccine that is safe and effective against every virus. Some viruses are very, very difficult when it comes to vaccine development,’ Dr Nabarro told the paper.
‘So for the foreseeable future, we are going to have to find ways to go about our lives with this virus as a constant threat.’
Arcadia stores under threat of permanent closure
Sir Philip Green’s Arcadia group could see some stores shut down permanently as a result of the coronavirus pandemic, following a string of closures in the past year.
The PA news agency understands Arcadia is in discussion with landlords over leases with rolling break clauses, allowing the group to terminate a lease at any time during a term.
While landlords may be served with three months’ notice, it does not necessarily mean the stores will close as new arrangements could be made to keep them open.
It has not been confirmed how many stores or which of Arcadia’s brands, which include high street giants Topshop and Topman, could be affected.
Some lockdown measures eased in US
State governors eager to rescue their economies and feeling heat from US President Donald Trump are moving to ease restrictions meant to control the spread of coronavirus, even as new hot spots emerge and experts warn that moving too fast could prove disastrous.
Adding to the pressure are protests against stay-at-home orders organised by small groups and Trump supporters. They staged demonstrations on Saturday in several cities after the president urged them to ‘liberate’ three states led by Democratic governors.
Protests took place in Republican-led states too, including at the Texas Capitol and in front of the home of Indiana governor Eric Holcomb, who has signed an agreement with six other Midwestern states to co-ordinate reopening and has extended his stay-at-home order until May 1.
Boohoo to post soaring annual sales as investors await virus impact
Boohoo is set to unveil soaring sales for the past year as investors await news of how the business has been affected by the coronavirus pandemic.
Analysts have backed the company to continue to outshine the wider market despite the outbreak, with its operations able to continue despite the government-mandated lockdown which has hammered high street rivals.
In its full-year trading update this Wednesday, Boohoo is expected to post a sales jump of around 42 per cent to £1.22bn for the year to February as shoppers continued to flock to its site.
News that online car dealer Cazoo had resumed sales this week were met with a mix of anger and disbelief from the industry.
The start-up paused car sales at the start of the lockdown when it was concerned for staff and customer welfare. However, it claims it has now overcome those issues and has started to sell and deliver cars across the country again. Today, Car Dealer has published an investigation piece into whether it’s right or wrong to be delivering cars during the lockdown.
Video: What’s the latest on furlough and commission?
Experts from UHY Hacker Young, and accountancy firm, appeared on Car Dealer Live on Friday and spoke in depth about their thoughts on commissions and pay under furlough. You can watch it below.
More: Yesterday’s briefing including car plants’ restart plans; Markets boosted by Covid-19 drug trial; Furlough scheme extended; new VW Tiguan images revealed