The chances are high that we’re looking at a tough winter ahead. The Furlough Scheme and £20 weekly top-up to Universal Credit have ended, inflation is on the rise and energy costs are soaring. Amid all of this, the latest Covid-19 update indicates an increase in the number of new cases.
There are even rumours that Covid-19 restrictions may return this winter with ‘Covid plan B’ in talks. What is Covid plan B? And how can you ensure you’re financially resilient this winter?
What are Covid plans A, B and C?
Though significant strides have been made to control the spread of Covid-19, the government has set up a course of action Covid plans). These are supposed to come into effect if things get out of hand this winter and are classified under Covid plan B.
There are rumours of a plan C, but the government denies it exists, citing that lockdown will return if worse comes to worst. However, the government is working tirelessly and advising Brits to take a booster jab, wear masks, and wash their hands to avoid this.
Covid-19 plan A
This is the state we are in currently. Most restrictions have been removed and Brits are getting vaccinated and self-isolating if they test positive for Covid-19. Plan A also includes the steps taken by the government to support the NHS and advise people on how to protect themselves and others.
Covid-19 plan B
If the number of new Covid-19 cases continues to increase, the government plans to announce an increased level of risk. It may introduce mandatory vaccine passports at higher-risk venues and mass gatherings and the wearing of face coverings in some settings. Additionally, you may be required to work from home once again.
Such measures have previously caused a lot of disruption, with greater immediate costs to businesses and the economy. For this reason, the government is reluctant to implement plan B despite immense pressure from health officials.
Covid-19 plan C
Though the government denies its existence, rumour has it that if there’s a plan C, it will see different households banned from mixing. Of course, this would likely be implemented alongside plan B measures.
How can you ensure you’re financially resilient this winter?
We’ve already seen how bad things can get during lockdown. It’s best to be prepared to avoid a repeat of the same. But what can you do? Here are four suggestions.
1. Review your health and travel insurance policy
If you haven’t already, it’s a good idea to read through and confirm what’s covered by your health insurance policy, especially when it comes to Covid-19.
Your travel insurance policy is equally important. Unexpected costs, especially Covid-19-related costs, could not only leave you stranded but also cut your trip short.
2. Save!
Building up an emergency fund can help to make sure you’re financially ready for any unexpected events or costs a shift to plan b could bring. The bigger your emergency fund the better, but anything you can save will help.
3. Check whether you’re eligible for government benefits
Vulnerable households can check whether they’re eligible for government benefits. There are a number of benefits available to assist with living costs, giving you the ability to save more and build a financial safety net.
4. Talk to your employer about employee financial wellbeing
Many lost their jobs during the lockdown, so employee financial wellbeing has become an important consideration. Talk to your employer about any concerns and make sure they’re aware of your situation if you’re struggling financially.
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About the author
Victor is a freelance writer who loves to read and write about personal finance and related disciplines with the aim of educating people to make better financial and investment decisions.
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