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Chancellor’s measures will act as a shot in the arm, says London First
8 July 2020
Commenting on the Chancellor’s economic statement, Jasmine Whitbread, CEO at London First, said:
“The Chancellor’s package to support jobs, infrastructure and boost consumer confidence will act as a shot in the arm at a time of considerable economic uncertainty. Businesses will be reassured by the recognition that this is the next and not final phase of government support.
“Youth unemployment is a blight on society so action to give businesses confidence to hire and train young people is particularly welcome, as is the recognition of the crucial role of apprenticeships.
“The stamp duty holiday offers a significant incentive to relaunch the property market across the country, but it does not go far enough to support Londoners in their attempts to move, as the average prices are too high for manyto benefit. If the true aim of the measure is to stimulate demand, then the Government must build hundreds of thousands of homes, at pace, in order to combat the housing crisis this country faces.
“Targeted VAT cuts to get hospitality and tourism moving and discounts to encourage people to eat out will also help sectors facing catastrophe. But some sectors have yet to be given a timetable for re-opening, like theatres and the arts. While it’s right that the furlough scheme must end, those businesses which can’t open through no fault of their own should be given targeted support for longer.”
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