Chamber News

Suffolk Chamber response to the Winter Economic Plan

Suffolk Chamber response to the Winter Economic Plan

Suffolk Chamber response to the Winter Economic Plan

“Suffolk Chamber of Commerce welcomes Rishi Sunak’s Winter Economic Plan as it will give many successful Suffolk businesses a much-needed further boost to help them sustain their recovery programmes.

“The Chancellor has responded to our concerns and those of other chambers of commerce with substantial steps that will help companies preserve jobs and navigate through the coming months.

“The new Jobs Support Scheme will help many companies hold on to valued, skilled employees. We and our members will be eager to see the detail and consider whether and how they will be able to access this scheme.

“We are also pleased to see that the Chancellor has listened to our consistent calls for an extension of business lending schemes, more flexible repayment terms for loans, and tax forbearance measures. With almost 40% of our firms saying they have three months cash in reserve or less, this will lessen the immediate pressure and provide reassurance for many affected firms at a challenging time.”

“Our members in the hospitality and tourism sectors that qualify will also welcome the temporary reduction of VAT from 20% to 5% remaining in place until 31 March 2021.”

Article by Suffolk Chamber