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Press comment: One million without income support due to "hard edge" policy design

15/06/2020

If you are covering the Treasury Select Committee’s report on the Economic Impact of Coronavirus, please see the following comment from Rachael Griffin, tax and financial planning expert at Quilter:

“There is no doubt that the speed and scale of the government’s income support packages will have provided a financial lifeline for many struggling as a result of the pandemic and will have averted the wholesale loss of jobs as we have witnessed in the US.

“However, the Committee has sent a clear message to the government that the speed of response has left many ineligible for support, and the “hard edge” built into the design of the support measures has meant that many have fallen between the cracks and are vulnerable to hardship.

“In total, one million people have lost livelihoods as a result of the pandemic while being locked out of support. These include limited company directors who receive the majority of their income through dividends, the self-employed with trading profits above £50,000, new starters and PAYE freelance workers.

“Those locked out of the first round of income support measures must be considered by the government in their forthcoming economic recovery package. These groups will provide the engine for recovery, and they need to be firing on all cylinders in the coming months.”

 

For more information contact

James Ventress020 7002 402507884 753012james.ventress@quilter.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.