Dorset’s voice of business has warned that bold action is needed in this week’s crunch ‘mini-Budget’ to pull the country out of crisis.
The Dorset Chamber has called for Chancellor Rishi Sunak to give business confidence a desperately needed shot in the arm with decisive measures on Wednesday. (JULY 8)
It comes after a British Chambers of Commerce (BCC) survey found that economic conditions had plunged to record lows and the toll of COVID-19 related job losses soared.
Dorset Chamber chief executive Ian Girling said: “It is clear the economic impact of the pandemic has entered a new phase.”
“We’ve seen thousands of job losses over recent days and many businesses are on a knife-edge as the winding down of the furlough scheme looms large on the horizon.”
“The Chancellor has acted decisively from the start of the crisis but we need him to show even greater leadership in his economic statement on Wednesday.”
“Bold measures and a clear roadmap forward for recovery are required to give business confidence in Dorset, and nationally, a much-needed shot in the arm.”
Dorset Chamber, the county’s leading business support organisation, has backed calls by the British Chambers of Commerce for ‘swift, substantial and immediate action’.
This includes:
- Significant cuts in employer National Insurance contributions
- Wider business rate relief and extended loan and grant schemes
- Major incentives for investment in productivity, people and carbon reduction
- New measures to stimulate consumer demand, such as a temporary VAT cut and ‘restart vouchers’ for all households
- Streamlining regulations without compromising safety or the environment
Support for youth employment when furlough ends and more job centre advisors are among the measures which are expected to be in the mini-Budget.
Ian said: “We recognise that there is still a great deal of economic pain to come, not least when the furlough scheme ends with a wave of redundancies to follow. This is a nettle the Chancellor needs to grasp now to protect as many jobs as possible. If he can set out measures which help businesses restart, rebuild and renew, it will give them hope and greater confidence when facing the testing times ahead.”
The economic statement comes after thousands of people returned to work on Super Saturday.
According to latest Government figures, the furlough scheme has so far helped protect more than 9.3m jobs with employers claiming £25.5 billion.
From July 1 employers were able to bring back furloughed employees on a part-time basis. The scheme will remain open until the end of October.
Dorset Chamber is also providing a range of support for business and is lobbying at a national level during the crisis.
This includes the Dorset Gateway, delivered by Dorset Local Enterprise Partnership (LEP) in partnership with Dorset Chamber, which provides free signposting to business advice and support.