Dorset Chamber comment – Chancellor Rishi Sunak’s Winter Economic Plan
Posted on: 25/09/2020
Dorset Chamber chief executive Ian Girling said: “Many firms will welcome the new measures announced today although some may be concerned that they will miss out.
“A crunch point was inevitable with the end of the furlough scheme and the Chancellor is correct to place the protection of viable jobs at the heart of this scheme.
“it is encouraging to see all SMEs included although some may have legitimate concerns about meeting the stringent criteria, as will large businesses which face greater hurdles in order to qualify.
“One key point which was good to see at this time was the restriction on capital distributions to shareholders.
“The extension of the loans schemes and VAT deferral measures will give cash-poor businesses much needed breathing space and a measure of certainty.
“Dorset’s hard-pressed tourism and hospitality will welcome the extension of the reduced VAT rate although many will feel the Chancellor could have gone further before a long winter.
“Any measures to support jobs is incredibly welcome but there will be challenging times to come and more hard decisions ahead, especially when the new job support scheme ends in April of next year.
“In enterprise economy wages cannot be subsidised indefinitely and it is inevitable that the cost of the Government ‘s support packages will have to be met somehow.
“Businesses in Dorset tell us that they are bearing up well and these new measures will offer a degree of reassurance and certainty but only time will tell.
“We have a strong business community in Dorset which will continue to support eachother, and the Chamber remains on hand to offer support to help in these difficult times.”
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