The second national lockdown was announced on Saturday 31st October, leaving many businesses uncertain of what the next few months will hold.
What we do know is that some businesses across the South West and the UK will be forced to close from Thursday for at least 28 days.
The furlough scheme has also been extended until 2nd December, however with the likes of France and Germany extending their furlough schemes far beyond this, Business West is raising questions about whether the government will look to support people for longer.
Phil Smith, Managing Director of Business West said:
“I can see it getting extended again but furlough is just part of it – furlough covers the cost of your employees, or most of their costs.
“You still have to pay for their National Insurance and pension, and it doesn’t pick up the rest of the costs that a business has like rent, tax, VAT and leases.”
Phil Smith told Ian Mean, Director of Business West for Gloucestershire, that “there must be economic forecasting for 2021.”
“We have to find some way of living with COVID and we need to have a plan for the next fifteen months based on living with this.”
“There’s very little data on the damage to the economy and the damage to businesses. We have no idea where we are going.
“I think if nothing else in the next four weeks, as well as sharpening up the track and trace and getting a vaccine up and running, they have to do some economic forecasting for 2021.”
If you are a business looking for support during the coronavirus pandemic, we have a Back to Business support hub that will provide you with resources to help your business get back on track.
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