BCC responds to Chancellor’s economy update

Commenting on the Chancellor Rishi Sunak’s economy update, announced today, BCC Director General Adam Marshall said: 

 

“A further extension of the furlough scheme and more generous grants for the self-employed are important steps in protecting jobs and providing certainty for our business communities beyond the immediate shock of a four-week lockdown. 

 

“These changes give businesses significant reassurance over an uncertain winter, but many will understandably still wish for the government to give a clearer view of the road ahead. Government must set out longer-term measures over the next 12 months to give firms greater certainty and confidence to plan proactively, rather than to react to changes in support from week to week.

 

“As well as support on jobs, reduced demand will impact firms’ cashflow across the country, not just those placed under the toughest restrictions. More generous grants will be required if those businesses are to weather a difficult winter ahead. 

 

“Despite the Chancellor’s announcement, there are still many businesses and individuals who have, through no fault of their own, been unable to access any government support since the start of the pandemic and will require support if we are to avoid significant increases in unemployment and business failures.

 

“Ultimately, there can be no substitute for a fully functioning economy. Fundamentally, that means the government using the time afforded to them through another lockdown to significantly improve the Test, Track and Isolate system, which remains key to keeping the economy open.”

Related content

End of Plan B restrictions in England

By Chamber Marketing | 19 January 2022

New generation of exporters needed – BCC Trade Manifesto

By Chamber Marketing | 18 January 2022

Omicron hospitality and leisure grant – Bradford

By Chamber Marketing | 17 January 2022

Omicron hospitality and leisure grant – Leeds

By Chamber Marketing | 17 January 2022

Leisure and hospitality grants – York & North Yorkshire

By Chamber Marketing | 14 January 2022

Inflationary pressures and recruitment headaches – Q4 Economic Report

By Chamber Marketing | 13 January 2022