Commenting on the further measures announced by the Chancellor to help businesses hit by the impact of coronavirus, Phil Smith, Managing Director at Business West said:
“The Chancellor has given businesses desperately needed breathing room at this critical moment.
“The deferral of VAT payments keeps money in the pockets of businesses so that they can pay their people and suppliers, and the commitment to cover wages of those unable to work will allow firms to retain many jobs if they are forced to reduce their operations.
“The government now needs to go foot-to-floor to ensure that details of the job retention scheme and loan guarantees reach firms on the ground as soon as possible. Given that this situation continues to evolve, ministers must also keep the door open to additional measures to support business cash flow.”