Bedfordshire Chamber of Commerce
Budget must provide a clear plan for business
Justin Richardson CEO of
Bedfordshire Chamber of Commerce
The economic backdrop to the forthcoming Budget is unprecedented. T e Chamber network’s own Quarterly Economic Survey – the UK’s largest private-sector business survey, and a leading indicator for UK GDP growth – suggests that UK economic conditions remained exceptionally weak at the end of 2020 with all the key indicators in Q4 still substantially worse than pre-pandemic levels. What do we expect to see? It’s diffi cult to say. At the time of writing,
we are still waiting on the Chancellor to publish a ‘recovery plan’ alongside the Prime Minister’s ‘road map’ to exit lockdown. We know it will detail medium-term proposals to boost investment and skills but other than that, not much has been divulged. What is clear is that in order for the UK economy to bounce back
as quickly as possible measures have to be put in place to provide ongoing support for businesses. Even with the vaccination programme
30 ALL THINGS BUSINESS
providing a light at the end of the tunnel for some, the challenge remains that, with the UK in a third lockdown, the current support packages are simply not enough to compensate for the severe, ongoing, economic impact of the pandemic. It
is by no means only retail, leisure and
hospitality businesses that are feeling the pain, with the impact increasingly felt away from the sectors which have been most obviously hit by restrictions. Support must be in place for businesses throughout supply chains and across the economy. Personally, I would like to see business rate relief extended to all businesses whose ability to generate revenue has been severely impaired, whether they have been mandated to be closed or not. Supporting cash fl ow is key to business health and more cash grant support for the hardest hit, with a further extension on VAT deferral, would all be timely boosts to the bank account. It’s diffi cult to criticise the support schemes that
have been put in place. T ey have no doubt saved many companies and jobs so far, grant support, tax deferrals and in particular the Coronavirus Job Retention Scheme have all been welcome and, for some, have been lifesaving. While businesses understand that the nature of the pandemic means that things can change quickly, the Budget for 2021 must provide for a year-long plan to provide further support for those that have been impacted.
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