Chancellor Rishi Sunak has dug deep into the coffers again this week as he announced measures in his Wednesday statement, worth £30bn, to prevent mass unemployment and stimulate the coronavirus hit economy.
· A bonus of £1000 payable to firms for every member of staff kept for three months when the furlough scheme ends in October
· 50% off ‘Eat out to help out’ vouchers’ during August
· A VAT cut on hospitality from 20% to 5%
· An ‘Apprentice recovery package’ to create more high-quality jobs for 16-24-year olds
· A stamp duty holiday for properties valued up to £500,000
The Chambers welcomes all the above announcements whilst we realise that further stimulus will be needed to help the UK economy restart, rebuild, and renew over the coming months.
The Chancellor admitted that there will be further job losses, and this is evidenced by the daily announcements from big name retail, travel and hospitality firms who are cutting their losses. Evidence that the £1000 job retention bonus will not be enough to save jobs.
The British Chambers of Commerce (BCC) will continue to lobby the government to address concerns – including the impending end of key business loan schemes, and the unanswered question around what support will be offered to communities that face local lockdowns.
If you have any concerns or issues you would like us to take up on your behalf then please let us know by sending them to firstname.lastname@example.org
Good news for the tourism sector as the government has announced to boost the visitor economy, drawing down on remaining allocation from the EU’s Regional Development Fund.
Up to £5000 will be available to pay for new equipment, technology, professional help etc.
Funding locally will be allocated to the Stoke & Staffordshire Growth Hub, based at the Chambers.
Funding will be concentrated in places such as Staffordshire, where the employment share of tourism and hospitality is especially high.
Whilst we await further clarification you can register your interest by calling the Growth Hub helpline 0300 111 8002. You can view the scheme announcement at https://bit.ly/2DlAOS9
If you want to talk to us about any business issues, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002. We also have a Twitter hour each Tuesday and Friday from 11am – 12noon #StaffsChamberChat