As we look towards economic recovery post COVID-19 it is essential that businesses are properly supported to start trading and start hiring again.
In today’s (Wednesday 8 July) Summer Statement we heard The Chancellor, Rishi Sunak, announce a package of measures to get our economy moving again, but there are still some sectors left with limited solutions.
|Maggie O’Carroll, CEO of The Women’s Organisation|
Maggie O’Carroll, CEO of The Women’s Organisation, says: “As we heard today, the hospitality and tourism industries employ over £2 million people across the UK, with women, BAME and young people accounting for a disproportionate amount of these workers. While we of course welcome the Chancellor’s support of these sectors and the protection that this should offer these groups, there is a real risk that other sectors, particularly SME’s, are being left behind in the Chancellor’s plan.
“We urgently need to see more financial support in place for SME’s which are viable in the long-term but are facing an immediate cash flow problem. These are the very businesses which would stand to benefit most from schemes like the re-employment bonus but might not have the financial capacity to operate even with this support. Without the right financial injection now, we risk losing these enterprises altogether, along with the creation of decent jobs down the line.
“When it comes to the Chancellor’s plan for jobs, supporting start-ups will be crucial in creating new quality employment opportunities. Programmes like Enterprise Hub here in the Liverpool City Region offer an incredibly valuable resource in equipping aspiring entrepreneurs with the skills, knowledge, and support to successfully launch and grow new enterprises. This not only enables entrepreneurs to create quality employment for themselves, but also serves to support and nurture the employers of the future. A major scale up of investment into small business support schemes like this will be essential to aiding long-term economic recovery.”