Business groups urge Chancellor to do more to support firms

Business groups have welcomed Chancellor Rishi Sunak's latest lockdown support package for businesses, but have urged him to do more.

06 Jan 2021

Business groups have welcomed Chancellor Rishi Sunak's latest lockdown support package for businesses, but have urged him to do more.

The Chancellor announced a £4.6 billion package of one-off grants to support businesses in the retail, hospitality and leisure sectors.

However, Rain Newton-Smith, Chief Economist at the Confederation of British Industry (CBI), said: 'For some, demand has once again evaporated overnight, and in northern England some firms have been labouring under stop-start orders for months already.

'Therefore extending the job retention scheme to end of the second quarter would provide firms with a clear line of sight, aiding planning and investment.'

Meanwhile, the Association of Independent Professionals and the Self-Employed (IPSE) said that the new business support package 'misses the mark'. IPSE has urged the government to work with business groups to plug the gaps in support for the self-employed.

Derek Cribb, CEO of IPSE, said: 'There's no doubt the new lockdown measures will have a severe impact on the already struggling self-employed sector. The school closure is also likely to hit self-employed parents particularly hard, cutting into their working week.

'The new support package, aimed at businesses with premises, misses the mark and will do little to mitigate the financial damage to the self-employed sector. After almost a year, there are still drastic gaps in the support available to the self-employed, with over 1.5 million sole directors, newly self-employed people and others still excluded.'

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2021 Blue Spire Limited (Brighton). All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Blue Spire Limited (Brighton) are Accountants in Brighton.

Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com


Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK