I HAVE said on several occasions that Somerset businesses have welcomed lockdown financial support in the form of Bounce Back Loans, grants and furlough payments.

But I have also been keen to amplify what Chamber members and the wider business community are constantly telling me – it is not enough and is really nothing more than a sticking plaster trying to repair a much bigger wound.

Somerset Chamber of Commerce fully supports the British Chamber of Commerce’s call for Government to provide more financial support to businesses across the UK who are facing a bleak future from the debilitating squeeze of Coronavirus restrictions.

Cash-strapped Somerset businesses need measures to support cash flow, such as extending and expanding business rates relief, prolonging VAT deferrals and offering an immediate, further round of upfront cash grants. That support should be at least equivalent to the £25,000 available in the first national lockdown - with sufficient funds to provide for all Somerset businesses that need it.

More certainty is also needed to help protect jobs and livelihoods by maintaining the Job Retention Scheme, until a full reopening of the economy is possible and expanding income support for directors of limited companies.

Businesses cannot afford to wait until the Chancellor’s budget in March; they need these measures now and a guarantee that support will be available throughout 2021 so they can plan for more than a few weeks ahead.

So, from a Somerset business perspective the Furlough Scheme should remain open until at least the end of July 2021. The Government must extend the Self-Employment Income Support Scheme to cover company dividends as well as PAYE, increase grant support and provide Business Rates holidays.

STEPHEN HENAGULPH
CEO of Somerset Chamber of Commerce