The British Chambers of Commerce (BCC) is urging the Government to provide extra financial support to businesses across the UK suffering from COVID-19 restrictions. According to the Chamber, businesses cannot “afford to wait” until the Chancellor’s Budget, scheduled for 3 March 2021, and need support now in order to plan for the weeks ahead.
The BCC said the damage caused by the pandemic is widespread and goes beyond the “very visible casualties hit by repeated stop-start lockdowns”.
Afford Bond Director, Paul Edwards said: “We really need an extension of business rate relief, VAT deferrals and an immediate round of cash grant support to businesses worth around £25,000, the equivalent of funds available in the first national lockdown.”
“The drip-feed approach to business support measures has meant many solid firms simply cannot plan for the future. We stand with the Chamber in urging the Government to urgently adopt a package of measures that covers the whole of 2021, and takes away the cliff-edges firms will face in a few weeks’ time when reliefs and furlough are set to end.
Paul Edwards said: “Many companies simply can’t wait until the March budget. Action is needed now.”
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