Thursday 24 September 2020

Responding to the business support measures announced today by the Chancellor, London Chamber of Commerce and Industry CEO Richard Burge said:

“Whilst businesses of course welcome government financial support during these tough times, they are also looking for government to not exacerbate the need for help due to untargeted or unevidenced covid-19 restrictions.

"Many companies have diligently kept going during these last six months, or have reopened and tried to recover, but their trade and revenue isn’t where it needs to be right now. At face value they will welcome the continuation of wage subsidy. But they will study the required employer contribution levels carefully in making a decision about staffing level viability.

“Loan repayment and VAT deferral measures, including the lower rate VAT extension of those in hospitality and tourism will be welcomed. But many London businesses will be acutely aware that high business rate payments are soon to be a ball and chain on their recovery. This challenge is particularly acute for those in central London – where footfall is over 50% lower than normal.

“The Prime Minister will know better than most that central London is the economic engine of the UK. I hope his government will now be looking at further, specific, measures to help the capital drive the UK recovery faster.”

ENDS.