Friday, April 23, 2021

Small businesses need urgent support in spite of record borrowing

New economic data from the Office for National Statistics show the Government borrowed £303.1bn in the year to March, the highest level since the end of World War Two.

The figures show that, compared to the previous 12 months, borrowing is nearly £250bn higher in the face of the Covid-19 pandemic.

In response to the statistics released this morning, Liberal Democrat Treasury Spokesperson Christine Jardine MP said:

"These record figures are a reflection of the momentous challenge posed by Covid-19 in the past year. As significant as they are, they can't distract from the fact that people and businesses throughout the UK are still in need of support.

“Countless small businesses won't be able to reopen for months to come, and millions of people are still worried about their jobs. Yet the government seems to gloss over these problems, with business support leaving many exposed and income support nearing a September cliff edge.
"To get out the other side of this crisis we must see an ambitious revenue compensation package for struggling small businesses, and an extension of the furlough scheme until the end of the year, so that nobody is left behind.”

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