LCCI respond to latest government support

Friday 9 October

London Chamber of Commerce and Industry react to the measures announced today by the Chancellor to support businesses that have to close this winter due to Covid-19 restrictions.

Chief Executive, Richard Burge, said:

“London businesses will of course welcome recognition from the Government that support is needed, should restrictions force them to close. They now know the parameters of support and can do their best to plan for the worst.

"But I’m fearful that less generous wage support than when this crisis started, at a time when cashflow has been drained and revenue not recovered, will not be enough if business closures are prolonged. And rents and rates will likely quickly overwhelm grants.

“The Government must urgently get a grip of Test and Trace so that we can try and limit the severity of restrictions this winter. Right now the system is jeopardising the diligent efforts of business to keep our economy moving in a covid secure way. They must also ensure that any business closures are driven by a specific evidence basis for that decision and explained. Not just proclamations about common sense.

“The banks must also step up to the plate. Businesses will likely again need access to loans and we need banks to be like an emergency service, acting in the shared interests of this country, socially obligated."