LOW-PAID UK WORKERS ?MOST AT RISK OF LOSING JOBS WHEN FURLOUGH ENDS?

Low-paid workers are expected to face the highest risk of losing their jobs when the government's furlough scheme ends in September, according to analysis by the Resolution Foundation, a leading thinktank. While the government's coronavirus job retention scheme is widely believed to have prevented millions of job losses, economists are concerned that some jobs will still not be viable when it ends on 30 September.

The Resolution Foundation's research highlighting that lower-paid workers are likely to be hardest hit is in line with the experience of the financial crisis more than a decade ago. Despite this, the report also noted that prospects for those on low incomes had improved markedly since last year, particularly in low-pay sectors.

The foundation said the government must not assume that rising minimum wages and the economy reopening will be sufficient to improve the situation for the lowest paid. With unemployment having hit 4.9 per cent and some sectors reporting difficulties for hiring workers, there needs to be faster minimum wage increases and new rights to a regular contact. (The Guardian)

LET US TAKE ON BITCOIN GANGS, URGE POLICE

Scotland Yard detectives want new laws to let them freeze cryptocurrency assets of criminals which are being used for money laundering. Mick Gallagher, detective chief superintendent at the Met's central specialist crime command, said that outdated legislation means that cryptocurrency cannot always be frozen and needs to be aligned to the same approach as cash-based criminality.

Mr Gallagher said: "because cryptocurrency, and criminality involving crypto, has developed so quickly, and because legislation is so slow, we?re having conversations now about realigning some legislation that currently applies to laundered cash to cryptocurrency."

The Financial Conduct Authority has warned that many cryptocurrency businesses are not meeting standards for anti-money laundering practices. More criminals have switched to cryptocurrency due to the success of the police in recouping criminals? cash during the pandemic, leading to senior detectives  now lobbying the Home Office for the power to tackle money launderers using cryptocurrency. (The Times)

NEWS IN BRIEF

UK retailers are lobbying the British government to extend the scheme that guarantees trade credit insurance amid fears that many could be left without cover when it ends. (Financial Times)

Property chiefs have called for more flexibility over rent arrears, claiming that landlords and tenants should be given six months to agree a plan for rent arrears to be paid back. (The Times)

UK holidaymakers have been warned of an expected shortage of summer essentials due to current import delays in the past month. (BBC News)

The French government and left-wing campaigners have called for a higher minimum rate of corporation tax than that agreed by the G7, sparking fears of rising global levies that could hurt small businesses. (The Telegraph)

LATEST BLOGS

Peter Tyler, Director, Personal Banking, UK Finance, discusses the banking and finance sector's commitment to ensuring financial inclusion and access to banking services.