Business News
Further messages needed: Paul Faulkner (left) and Robert Elliot (right)
Chamber praises Chancellor’s action to boost economy
Chancellor Rishi Sunak’s use of unusual measures in the Economic Statement have been praised by the Chamber. Among the measures introduced
by the Chancellor was a £1,000 bonus to employers who reinstate furloughed staff, and the ‘eat out, help out’ scheme, which will give diners a 50 per cent discount at restaurants. Chamber chief executive Paul
Faulkner said: “The ‘eat out to help out’ scheme, while incredibly specific, represents an interesting and innovative take on supporting hospitality and we look forward, with interest, to learning more about how it will work in practice.
‘We hope to see further measures to reduce VAT on consumer goods to help boost the struggling retail sector’
“The ‘jobs retention scheme
bonus’ is a positive step in supporting an effective wind-down of the furlough scheme while retaining as many jobs as possible.” Mr Faulkner said that these two
policies, and others, such as the six-month VAT cut for restaurants, retail and leisure attractions, were to be commended, more still needed to be done to boost business and the economy. “While we welcome the significant cut to VAT on food, accommodation and attractions we hope to see further measures to reduce VAT on consumer goods to help boost the struggling retail sector,” he said.
“While there was much welcome
news, some areas were notable by their absence. There was no word on support for businesses falling through the gaps of Coronavirus support such as directors of limited companies. “No further sector specific
support for major industries outside of hospitality and attractions. Don’t forget – the major events industry, certain personal services such as nail bars, indoor gyms and nightclubs among others aren’t yet able to open at all. “All in all, while the government
won’t be able to solve all of the economy’s problems, there’s a lot more still to be addressed and much of it won’t be able to wait for the next big set piece: the Autumn budget.” Solihull Chamber president Robert
Elliot, who is sales director at Hogarths Hotels and chairman of the Solihull Tourism Forum, said he also backed the Chancellor’s approach to reviving the ailing economy. He said: “The Chancellor is
obviously aware of the significance in terms of revenue and employment that the hospitality and tourism sector contributes. “As such he has taken measures
that will encourage employers to un-furlough employees, attract new talent, and reduce costs to the business. “Regarding the cut in VAT- this is
not an incentive to reduce prices. This is one of a number of measures that will enable businesses to reduce costs and retain more employees. I urge the public to see it as that. “Overall, it is positive news and
we now hope for a recovery without too many local lockdowns.”
August/September 2020 CHAMBERLINK 11
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