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Expert Insight: Genevieve Morris

Genevieve Morris reacts to Rishi Sunak’s economic Statement delivered to Parliament earlier today, saying that smaller business may not benefit from the Chancellor’s job protection plans.

Whilst I appreciate that the Chancellor wants to support as many businesses and protect as many jobs as possible, I can’t help but fear it is only the large and stable employers that will benefit, and not the smaller businesses that actually are the life blood of the UK economy.

The payments to employers encouraging them to bring back furloughed staff and create new jobs is welcome, but I would have liked to see more targeted measures for specific industries. Particularly in hospitality where many staff work on zero-hour contracts and therefore may not meet the minimum monthly income required to access the Job Retention Bonus.

Similarly, retail has been incredibly hard hit and even with the high street reopening, foot fall is down as internet sales increase and many shops simply don’t have the requirement to employ the number of staff that they did before the crisis.

The aviation industry seems to have been forgotten as well, but we know that’s a political play as the reduction in aviation traffic is helping to reduce our carbon emissions.

It’s hard to tell people to stay at home for three months and then do a U-turn and encourage them to go out without many people being left cautious.

Eat Out to Help Out

Eat Out to Help Out is a brilliant idea. This should encourage people back to the pubs, restaurants and cafes. The food bills will be reduced, but the Government will be relying on people continuing to pay for drinks, and where this is beer and wine, spirits and ciders, they will benefit from the duty paid on the alcohol.

I’m not sure how effective this will be or what it will cost the Government. It’s hard to tell people to stay at home for three months and then do a U-turn and encourage them to go out without many people being left cautious.

COVID-19 is still very present in the UK and people that have been protecting themselves and their families by staying at home are unlikely to be encouraged to go out with the offer of discounted food.

Would you like to know more?

If you would like to discuss any of the above guidance or have other queries about how you can make the right decisions for the future of your business and your income, please contact Genevieve Morris or your usual Blick Rothenberg contact.

For any press queries, please contact David Barzilay whose details are to the right.

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