Responding to The Chancellor of the Exchequer Rishi Sunak MP’s announcement of a Winter Economic Plan, including a new raft of measures to support businesses and the economy as the pandemic continues, Business West Policy Manager Claire Ralph said:
“Business will welcome the Government’s latest intervention to stave off mass unemployment within the South West region, but will no doubt be concerned about the limits to extended support.
“Most notably, the Job Support Scheme, is considerably less generous than its predecessor, given that employers will pay at least 55% of employees’ salaries from 1 November.
“The Chancellor has opened this up to all sectors, rather than offering the more tailored support for those which have disproportionately affected that many (including Business West) have been calling for.
“This is a concern given aerospace, the night-time economy and cultural and heritage industries contribute so much economic output and provide hundreds of thousands of jobs to our region. The Chancellor isn’t attempting to target support to where it is most likely to be needed.
“Extensions to the Self Employment scheme and the government backed loan schemes are welcome to assist cash flow for struggling businesses, and longer repayment terms for loans and tax deferrals could be critical to prevent insolvencies in those with the fewest reserves to cope over the winter.
“Overall the scale of today’s announcement was very much smaller than those made in July and March, but is overdue and we hope it will help some employers and businesses make it through to Spring 2021.”
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