Nicky Morgan: Covid-19 job losses and business failures inevitable

What next for the UK financial services industry?

Jenna Brown
clock
Former Culture Secretary Nicky Morgan
Image:

Former Culture Secretary Nicky Morgan

Not all businesses will be able to survive the coronavirus pandemic and there will be inevitable job losses as the country emerges from lockdown, Nicky Morgan has said.

Baroness Morgan of Cotes, the former Culture Secretary and chair of the Treasury Select Committee, said redundancies and company failures in certain sectors, such as hospitality, were unavoidable. John Glen: Financial services growth and competition will be fostered post-crisis However, she added: "How the financial services sector responds to supporting those will be very important. Businesses that are perfectly viable but struggling to open will need support." Speaking at the Personal Investment Management & Financial Advice Association (PIMFA) Virtual Fest today (3 June), Barone...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Industry

Partner insight: Out of the wilderness

Partner insight: Out of the wilderness

Solving the problem of inertia in cash gives opportunities to both advisers and their clients, say Flagstone's Claire Jones and Grovewood Wealth Management's Lynne Gadsden.

Lynne Gadsden @ Flagstone
clock 11 August 2022 • 1 min read
SIF 2022: How to invest in biodiversity

SIF 2022: How to invest in biodiversity

Biodiversity panel

clock 04 August 2022 • 6 min read
Chris Hutchinson of Unicorn Asset Management

The Big Interview: What I learned after being dropped from Hargreaves Lansdown's Wealth Shortlist

'I’ve no interest in falling out with people'

clock 04 August 2022 • 6 min read
Trustpilot