We’re pleased to share our monthly insolvency summary, informed by the various official government statistics, with you. This report tracks the economic impact of the pandemic on companies and individuals, across England, Scotland, Wales and Northern Ireland. Helping to answer important questions about whether increased indebtedness and furlough is masking the real problems that companies are in, and whether we will see a spike of insolvencies when the government support does eventually stop? When viewing this report it's worth noting that during COVID 19, reduced operational running of the courts and HMRC enforcement, restrictions of statutory demands, and enhanced government financial support for companies and individuals has kept company and individual insolvencies low when comparing YOY.

As you read this, the chances are you’ll be doing so from home. As we notch up a series of ‘Covid’ anniversaries, Tuesday March 16th created another - one year since the Prime Minister told us that people should work from home where possible as part of a range of stringent new measures. Twelve months on, how have you fared? Working from home – a ‘Marmite’ kind of situation. It’s probably fair to say the nation has been divided in their thoughts about working from home – either ‘loving it’ or ‘hating it’, with some drifting between the two! Casting our minds back to March 2020 there was definitely a novelty factor attached to home working. Social media was full of video clips with unexpected appearances of young children and pets taking the starring role in work Zoom calls for instance. This added a lighter mood in the darkness of Covid, and perhaps in retrospect, keeping things ‘real’ in what was, and remains, a ‘life and death’ situation

Covid-19, is a name we have become all too familiar with over the last 12 months. A name that conjures up dread and anxiety given the sheer impact on us all. It is something that most businesses would have captured on their risk registers under the “pandemic” category, but how have firms survived over the last 12 months and what lessons have we learned? On the survival point, many companies have unfortunately not survived, others have benefitted from increased demand in their sectors, such as online businesses, and some have had to adapt to survive. Whichever category you fall into, there are lessons to be learned.

This week has been momentous with regard to returning to normality - the first level of Covid restrictions being lifted has been welcomed by many. This relaxing of rules continues to be, of course, subject to the ongoing vaccine rollout going well and no further spikes in Covid cases, however, the first glimpses of recovery are in sight. As schools returned on 8 March, there was a collective sigh of relief from both parents, who valiantly took up the role of home tutor, and children, wanting to return to the buzz of school life. To all those brokers involved in home schooling we applaud you. With many of us facing the same situation, we recognise the challenges involved.

To celebrate International Women’s Day and women in the workplace, our Diversity & Inclusion Council have introduced the inaugural Premium Credit Woman of the Year award, with the aim to celebrate our female workforce. As such, our colleagues have been nominating women from around the business, who inspire them; and it’s been incredible to see the plethora of truly heartfelt and caring nominations. Our very first winner joined our Premium Credit International Women’s Day panel to discuss what it takes to be a successful working woman.

This has been a budget with a commitment to providing ongoing financial support for people and businesses during the remaining stages of the pandemic crisis. Although welcomed by many, it’s vital that companies and individuals continue to look for additional ways to preserve cash flow, enabling them to be more adaptable and to spend capital where it’s needed most in these challenging times. Our nation’s small and medium-sized enterprises (SMEs), who number some 6.0 million and who account for over 99% of businesses in the UK (2020)* have suffered significantly during the pandemic. As a result many have welcomed the ongoing support packages outlined by the Chancellor in the budget which will help those affected to remain afloat, stay strong to survive Covid-19 and enable them to look to better times ahead.