Budget Roundup:How the 2020 budget will impact your business

Thu, March 12th, 2020

Paul Cherpeau, Chief Executive of Liverpool Chamber:

“The potential impact of the Coronavirus outbreak on our economy is starting to unfold with several of our businesses now reporting disruptions to operations. As expected the budget provided much needed measures and reassurances designed to support businesses which must now be implemented quickly and decisively.

“The robust measures include a 100% reduction on business rates relief for retail, leisure and hospitality businesses and a £3,000 cash grant for some eligible small businesses to support them during the outbreak.

“The financial implications of sick pay liability during the Coronavirus outbreak for businesses and employees has been a particular concern. It is a welcome relief that businesses will not face the cost of statutory sick pay alone if employees are required to self-isolate. The Government has promised to fund SSC for up to 14 days for businesses with less than 250 employees, and employees can claim sick pay from day one.

“In conjunction with the Bank of England's decision to cut interest rates from 0.75% to 0.25%, Wednesday's announcements are positive for businesses. It is essential that the accessibility to the support announced is simple, quick and robust to ensure the provision of an adequate safety net to help businesses whose cash flow and prospects have been disrupted due to the impact of Coronavirus”

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