Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business
https://www.propelfinance.co.uk https://www.artbusinessloans.co.uk

Chamber says more support needed

Business leaders in Greater Birmingham today welcomed the Chancellor’s new business support measures but warned that more needs to be done for the hardest hit.

Greater Birmingham Chambers of Commerce (GBCC) said that despite promises from the Prime Minister earlier this week, there was little comfort from Rishi Sunak for many sectors, including sport and expos.

Paul Faulkner, the GBCC’s chief executive, promised that the Chamber would continue to support members and the wider community by lobbying for additional support where needed.

“The Chancellor made his intentions clear from the outset of his announcement – the business landscape has completely altered since the start of March and the new measures announced today reflect the underlying fragility we face as a society as the Government attempts to revive the economy whilst also containing the spread of Covid-19.

“It’s pleasing to see the Chancellor has listened to the concerns shared by thousands of businesses across the country and recognised that strong measures needed to be taken to avoid a disastrous escalation of the unemployment rate over the winter months.

“Firstly, the flagship wage subsidy plan forms the backbone of Mr Sunak’s winter plan and whilst we await on the specific policy details, it’s reassuring to see that the scheme will help preserve viable jobs and offers a degree of reassurance to those employers facing the harsh prospect of either retaining staff or making them redundant.

“The wider eligibility of the plan (compared to the original furlough scheme) is also good to see given the number of businesses which fell through the cracks and weren’t able to access the original programme.

“Prolonging the loans schemes and lengthening their payment terms along with extending the VAT Deferral Scheme also makes complete sense – as data from our Quarterly Business Report regularly highlights, firms across the region are facing severe issues related to finance and levels of debt and hopefully this policy will help to alleviate these concerns in the medium term.

“Nevertheless, the Chancellor could have gone further in tackling these structural issues and hopefully we will see a reduction in the employer National Insurance Contributions along with a reform of our outmoded corporate tax system in the near future.

“From a broader perspective, it’s also disappointing to see a lack of reference to the large scale interventions which are required for the sectors which have been hardest hit, despite the promises made by the PM earlier in the week.

“As we have seen throughout this crisis when large scale measures are announced, such as these today, there also tend to be gaps in support that quickly emerge, be they intended or simply oversights.  The Chamber will continue to speak with our members and the wider business community to identify such issues and lobby for additional support where needed.

“Finally, if you are unsure about what the latest measures mean for your business, I would encourage you to visit our Covid-19 Hub which includes further details on what the schemes will entail and how you can access them.”

Pictured: Paul Faulkner, chief executive of the Greater Birmingham Chambers of Commerce


CORONAVIRUS: Cash now needs to get to businesses quickly

Reaction to chancellor's latest financial help package

18th March 2020

Chamber calls for clarity on life after lockdown

Firms need information to help with future plans

29th April 2020

Business chamber extends virus advice campaign

Scheme offers guidance to firms who struggle to get Coronavirus support

22nd September 2020

ART share offer too good to ignore

Chamber boss invests in tax-efficient scheme

8th November 2019

Biggest ever slump hits region's firms

Chamber report reveals extent of pandemic impact

16th June 2020

Help where it's needed

Support measures in place for impacted customers

30th June 2020

Chief executive leaves Chamber

New role with Richardson family business awaits

5th January 2021

Report reveals cashflow worries

Chamber says Coronavirus has heightened existing problems

15th April 2020

£4.75m sale of HQ marks great future for Chamber

Leaders say the move will enhance long-term finances

27th August 2020

Funding brings support for SMEs

Unity Trust Bank initiative will help businesses struggling during pandemic

15th May 2020

Brexit knowledge weak among SMEs and manufacturers

Research shows rest of business community is better informed

14th March 2019

The Spring Budget - a wish list

Julia Rosenbloom of Smith & Williamson suggests four key proposals for the new Chancellor

3rd March 2020

HS2 reveals plans for northern links

Business leaders welcome expansion announcements

8th October 2020

More job opportunities required

Business leaders say figures show action must be taken

26th July 2019

Brexit leads to major reviews

Businesses reconsider major suppliers to mitigate potential risks

10th December 2019