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Fall in GDP unsurprising but deadly serious for the economy, says London First
12 August 2020
Commenting on the GDP figures for Q22020, published today by the ONS, John Dickie, Director of Strategy and Policy at London First, said:
“This fall in GDP is unsurprising, but deadly serious for the economy. With an even bigger rise in unemployment looming when the furlough scheme winds down, it is vital the Government provides targeted support where it is needed.
“Cultural facilities which have remain closed will need continued furlough cash until they can reopen. And previously strong small and medium-sized businesses, such as restaurants, must have time and support to restructure the debts accrued through lockdown while revenues remain depressed. Having survived the peak of lockdown it would be a tragedy if they were now to go bust during the recovery.
“Getting people back into the workplace safely and back on public transport is critical to boosting growth. In London, safety measures have been implemented such as robust cleansing regimes, mandatory face coverings and staggered hours. We now need to build public confidence with clear, consistent joined up messaging from the Government and Mayor to get people back onto the network.”
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