As lockdown restrictions begin to ease for businesses, the Treasury is starting to think about how public finances can be put back on a sustainable footing. In this week’s blog, we cover the proposal for an online sales tax, a new study into childcare issues during lockdown, and share the latest updated COVID-19 guidance from the Government.
Female Founder Highlights
Here is a quick wrap up of this week’s news highlights, featuring some of our inspiring Members:
A new study suggests that 1 in 4 parents have considered giving up work or reducing their hours due to childcare issues during lockdown. Commenting on the study, Justine Roberts, founder of Mumsnet and Female Founders Forum Member, said “lockdown was tricky for nearly everyone, but for parents of young children it was nerve-shreddingly difficult”. You can read the full NewsChain article here.
Laura Tenison, our Member and founder of JoJo Maman Bébé, a leading boutique mother’s and baby omni-channel retailer, appeared on the Today programme to discuss the prospect of an online sales tax, like the one reported to have been proposed by the Treasury. In an Express article, Laura is quoted as saying “I think it's a great idea, but with some caveats”. You can read the full article here.
Anne Boden, founder of Starling Bank and our Member, shared her views on the resilience of Wales’ tech sector in a roundtable discussion, supported by the Welsh Government. In a Business News Wales article, Anne said “we are now working very effectively remotely… I think there’s a chance for Wales to grab some of that opportunity from London”. You can read the full article here.
Cofinitive, a corporate communications consultancy founded by Female Founders Forum Member Faye Holland has signed up as a Local Business Champion for Cambridgeshire. In a Cambridge Wireless article, Faye said “it’s never been more essential for businesses to have a voice, so it is important for us to be seen as a Local Champion”. Our virtual scale-up hubs are launching soon. For more information about our regional scale-up hubs, see our Barclays Opportunities section.
Government Support
1. Small Business Leadership Scheme and Peer Networks
Small Business Minister, Paul Scully MP has announced two new training schemes designed to improve small businesses' management, productivity, and problem-solving skills. The two schemes are:
Small Business Leadership Scheme - a 10-week virtual training programme delivered by university business schools; and
Peer Networks - a peer-to-peer networking programme for SMEs that is delivered locally by the network of Growth Hubs across England.
We covered the launch in our recent policy update.
2. Job Retention Bonus
The Government is planning to introduce a new Job Retention Bonus to provide additional support to employers who keep their furloughed employees in meaningful employment, after the Coronavirus Job Retention Scheme ends on 31 October 2020.
The Job Retention Bonus is a one-off payment to employers of £1,000 for each employee they have previously claimed for under the scheme and who remains continuously employed through to 31 January 2021. Find out more about the eligibility criteria and more information about the Job Retention Bonus here.
3. Reporting outbreaks of COVID-19
The Government has released new guidance for businesses and organisations on how to recognise, contain and report incidents of COVID-19. The guidance has been published to ensure business owners:
Know how to recognise and report an incident of COVID-19
Are aware of measures local health protection teams may advise in order to contain it
Action cards have been developed to cover a range of business industries and provide tailored advice on the issues organisations may face now that lockdown restrictions are easing. You can download and print the action cards here.
4. Eat Out to Help Out Scheme
The UK Government has published new guidance for participating restaurants on how to claim reimbursement for discounts given to diners with the Eat Out to Help Out Scheme. Businesses can offer discounts through the Scheme to encourage diners to eat at their establishments. You can see examples of how to calculate the discount here. You can also register your business here. Registration will close on 31 August 2020.
Barclays Support and Opportunities
1. Female Founders Forum 2020 Digital Events
As you know, we have been busy re-invigorating our 2020 Female Founders Forum event schedule. We are pleased to announce the topics of our upcoming webinar series to support female founders through the UK’s economic recovery. Save these dates in your diaries:
Access to Finance Webinar – exploring the barriers that Female Founders face when accessing finance and how policymakers and business leaders can address this as part of the UK’s economic recovery (10am - 11:30am, Thursday 3 September 2020)
Attracting & Retaining Talent Webinar – fostering a strong culture to attract and retain talent isn’t new but we explore why it has never been more critical as the UK enters into the post-COVID world (10am - 11:30am, Thursday 8 October 2020)
Building Personal & Operational Business Resilience Webinar – as the UK enters into a sustained period of uncertainty in the post-COVID world, we explore the importance of personal and operational business resilience (10am - 11:30am, Thursday 5 November 2020
Cementing Your Story Webinar – exploring how brand narrative and entrepreneurial storytelling has evolved during COVID-19 and what approach entrepreneurs should take to building long-term prominence in the minds of consumers and investors (10am - 11:30am, Tuesday 4 December 2020
In each webinar, we will be joined by an eminent high growth Female Founders Forum member, an expert speaker and hear insights from Juliet Rogan, head of Barclays High Growth & Entrepreneurs team.
We will be adding invitation links to our upcoming webinars in our Newsletters, so look out for these. If you are interested in attending a specific webinar, please contact jess@tenentrepreneurs.org and we will add you to the invitation list.
2. Eagle Labs Virtual Events
Barclays’ programme of virtual events covers a range of topics from cashflow management to building resilience to help entrepreneurs and start-ups navigate these uncertain times. Forthcoming events include a session on thinking differently about social media marketing and an event to demystify AI, machine learning, and machine intelligence. All events are free to attend and open to anyone. For more information visit the Eagle Lab event page.
3. Barclays Coronavirus Support Hub
The Barclays COVID-19 Support Hub provides the latest information, tools, and guidance to support businesses throughout the COVID-19 pandemic. This hub includes information about Barclays’ products, webinars, Facebook Live events, and more information on how to access government schemes. You can also download Barclays’ coronavirus checklist to support your business resilience planning throughout this period. There is also an updated FAQ section on this hub.
4. Balancing the Books Facebook Live event
With businesses adjusting to the ‘new normal’, Barclays hosted a panel event to discuss what the knock-on effect could look like for businesses and customers alike and what support is available to mitigate the challenges that lie ahead. Calling on an expert panel, panelists discussed the management of cash flow, the impact this could have on the supply chain processes, and how to diminish late payments. You can watch a recording of this Facebook Live event to learn more.
We want to inspire female entrepreneurs across the UK. Do you know any inspiring female entrepreneurs
Connect them to jess@tenentrepeneurs.org.