CBI update on Coronavirus
09 March 2020
The below contains some relevant business updates from the CBI.
With the impact of the COVID-19 (Coronavirus) outbreak being felt by businesses around the world, we feel that it is crucial to help our members both understand and prepare for the potential implications of this significant global challenge.
COVID-19: What has the CBI called for so far?
This Thursday (5 March), the CBI called for urgent action on five areas of sick pay for extending Statutory Sick Pay (SSP) to all contracted workers who self-isolate themselves in accordance with public health guidance. These calls reflect firms’ determination to ensure that people are able to follow public health guidance without fear of not being paid.
COVID-19: What’s the economic impact?
Concerns about the possibility of the Coronavirus becoming a global pandemic have grown as the outbreak has grown outside of China. With the number of cases rising to the thousands in Italy and growing across other European countries too, markets and businesses have become increasingly worried about the potential impact of the outbreak on the global economy – whether through disruption to supply chains or harm to personnel. Although the number of confirmed cases of Coronavirus in the UK has been quite limited so far, the impact of efforts to contain the virus in China (and other nations) is already affecting the operations of firms in a number of sectors and economic activity more broadly.
Three questions to ask in your business:
1- Have you checked your insurance and continuity plans?
Is your business continuity plan up to date with a clear owner? Have you stress-tested your working from home or alternative working site policy should your office close? Have you checked your insurance policies against relevant activity over the next quarter?
2- Have you assessed the impact on your supply chains?
Feedback from businesses across the country is that supply chains, particularly those connected to Asia are being impacted. Have you forecasted what this impact might mean on your business in the coming weeks? Have you looked at alternative suppliers?
3- Are you keeping your staff informed on developments with their safety as a priority?
Have you kept your employees well informed on the government’s guidance, hygiene advice, your sickness policy and what employees should do if they experience symptoms?
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