Responding to the Treasury’s announcement of grant support for businesses affected by local lockdowns, Tej Parikh, Chief Economist at the Institute of Directors, said:
“This is a welcome step from the Treasury. Additional grant funding will go some way to alleviating the heavy pressure on firms that may need to close down, although it may not be enough to cover every cost.
“The proposed increase in discretionary funding for local areas is another plus point as it can support a wider range of firms impacted by local lockdowns. Too many businesses have been falling through the cracks of the key support schemes through no fault of their own. For many of them, this route through local authorities has been crucial, but the big question will be whether the pots are sufficient to cover the array of affected firms.
“As the virus continues to circulate, the Government will have to consider extending its wider support measures for businesses. Recent restrictions and lockdowns make clear that we’re not close to returning to normal.”