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Chancellor urged to taper the end of support

Chancellor urged to taper the end of support

James Moore in the Independent says that while Chancellor Rishi Sunak would have shuddered at the cost of extending the furlough scheme and loan schemes designed to help businesses weather the coronavirus storm, “he will have known that the cost of not acting was higher still”. He goes on to warn that if the support measures are cut off in April, firms could be hit, suggesting that the initiatives will need to taper off rather than come to an immediate halt. Roger Barker, head of policy at the Institute of Directors, says: “The Chancellor should be wary of another potential cliff-edge, as it’s still far from certain when demand will rebound.” Mr Moore says the Treasury should consider greater targeted support for the worst affected businesses, saying this may need to include grants as “the problem with loans … is that they have to be paid back.” Mr Moore also not es that some firms have struggled to secure support, highlighting the plight of micro-businesses and suggesting officials must “fill in the gaps” in support.

Read more: The Independent


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