The following article was released on the 19th October on the Bracknell News website, and can be originally read here.
Business leaders in Bracknell have issued a “call for clarity” amid concerns over the growing confusion in Westminster as the Government finds itself in the midst of an economic minefield.
Chancellor Jeremy Hunt on Monday ditched almost all of Prime Minister Liz Truss’s tax cuts announced in the government’s mini-budget just three weeks ago, adding to the uncertainty faced by businesses up and down the high street.
The national #BusinessSOS campaign group has since unveiled its own three-point plan to help businesses, including cutting business energy bills from 20 per cent to five per cent to match domestic billing, and is urging Government to clarify its position further.
It said: “There is no question that the UK economy requires confidence and stability. The statement provided recently by the Chancellor will go some way to reassuring over 150,000 retail, leisure and hospitality businesses who are facing the daily dilemma of closure, triggering mass unemployment, which will only accelerate the threat of recession.
“Clarity is still needed on how the Government plans to define the ‘most affected businesses’ when the Treasury reviews future energy support measures. It is vital that the needs of high street businesses are taken into account to ensure over 150,000 businesses do not fall through the cracks once again.”
Sean Griffin, Bracknell BID Manager said: “Bracknell BID businesses are understandably worried about the future and the impact the cost-of-living crisis will have, and we share their concerns.
“The fantastic local investment and improvements taking place in Bracknell along with the sheer resilience of the businesses in the area is not enough to ride the storm. We strongly believe further action needs to be taken at a national level.
“That’s why the BID is backing the Business SOS Campaign, and why we’re joining thousands of others across the UK to ask the Government for significant support to help businesses to navigate and survive the challenges ahead.”
The newly formed #BusinessSOS campaign, founded by organisations representing over 150,000 retail, leisure, hospitality and tourism businesses said high street businesses need to be on an equal footing with larger businesses, and urged the Government to implement its three-point plan ahead of the planned fiscal announcement later this month.
#BusinessSOS three-point-plan to support ailing businesses:
- Headline rate reduced from 20% to 12.5%
- Business energy bills reduced from 20% to 5% to match domestic billing
- 100% business rate relief until 31st March 2023