SCC and BCC call for bold fiscal intervention to boost business and consumer confidence
Monday, 6 July 2020
The British Chambers of Commerce and the Scottish Chambers of Commerce have announced the findings of their most recent business surveys. Not surprisingly, given the surveys were conducted while lockdown was at its most restrictive and widespread, the results make grim reading, with many of the indicators that are measured declining substantially. Business confidence in most sectors is at a historic low.
The BCC and SCC have responded by calling for a bold and massive economic stimulus package from the governments in Westminster and Holyrood to boost consumer demand, encourage business investment, protect jobs and reduce employment costs. Measures proposed include the extension of current loan and grant schemes and rates relief, a reduction in Employer’s National Insurance Contributions, a cut in VAT and an extension to the Annual Investment Allowance. Both organisations have stressed the urgency of acting now, arguing that delaying until the autumn will only deepen the long-term damage.
Click here for the BCC Survey
Click here for the SCC Survey