Fifth of virus-hit firms in UK mull layoffs: survey

A fifth of UK private companies want to furlough -- temporarily lay off -- staff owing to the coronavirus turmoil, the British Chamber of Commerce said Wednesday.

Analysts said that the figure, based on a BCC survey of 1,000 companies, could rise to around 30 per cent, costing the government up to 40 billion pounds (45 billion euros, USD 49 billion) under its jobs retention plan.

"Our latest data shows that many businesses face a cliff-edge scenario, either at the end of this month or over the course of the next quarter," said BCC Director General Adam Marshall.

"We've seen a big jump in the number of firms furloughing staff, and many are now starting to apply for access to government loan and grant schemes to keep themselves afloat."