BCC responds to the Chancellor’s Summer Statement

9th July 2020

Commenting on the Chancellor’s Summer Statement, delivered today, BCC Director General Dr Adam Marshall said:

"Businesses will celebrate many of the Chancellor’s announcements today, although it is likely that the scale of the stimulus needed to help the UK economy restart, rebuild and renew will need to be greater still over the coming months.

“Targeted measures to help young people gain work experience and enter the labour market at this challenging time are welcome, and, so too is the focus on a greener recovery and the acceleration of key infrastructure projects. The VAT cut will help firms in the hospitality and tourism sectors working hard to restart after many months of lost revenue.

"Over the coming weeks the Chancellor will also need to address the ticking clock on a number of other key concerns - including the impending end of key business loan schemes, and the unanswered question around what support will be offered to businesses and communities that face local lockdowns."