Business groups react to Summer Economic Update

Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rishi Sunak's Summer Economic Update.

Glasgow: 0141 221 0477 | East Kilbride 01355 230161 | Hamilton: 01698 284 888 or email accountants@ngs-ca.co.uk

Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rishi Sunak's Summer Economic Update.

In the Update, the Chancellor announced a range of measures designed to protect and create jobs and boost the UK economy following the coronavirus (COVID-19) lockdown. A new Job Retention Bonus was announced, alongside a six-month VAT reduction for businesses in the hospitality and tourism sector and a temporary increase to the nil-rate band of residential Stamp Duty Land Tax (SDLT) in England and Northern Ireland.

The CBI welcomed the Chancellor's measures. Carolyn Fairbairn, Director General of the CBI, said: 'The Chancellor's jobs plan will be a much-needed down payment in young people's futures. By investing in skills, the government can lessen the potential scarring impact of the pandemic for the next generation.'

The FSB stated that the UK economy may need an additional boost in the short-term. Commenting on the Update, Mike Cherry, National Chairman of the FSB, said: 'The Chancellor is absolutely right to stress that the job of getting the economy back on its feet has only just begun.

'Will this set of measures be enough to spur activity over the coming weeks? That's something that will need to be kept under close review – we may need further action before the autumn.'  

The BCC gave a decidedly cautious response. Dr Adam Marshall, Director General of the BCC, said: 'Businesses will celebrate many of the Chancellor's announcements . . . although it is likely that the scale of the stimulus needed to help the UK economy restart, rebuild and renew will need to be greater still over the coming months.'

Dedicated to delivering a first class client service

Nelson Gilmour Smith has been in business for over 100 years and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike.

We have many clients in the local community and service businesses, small and large, across many sectors.

Learn more

Latest news
Contact Details

Please call:
Glasgow: 0141 221 0477
Kilbride: 01355 230161
Hamilton: 01698 284 888

View office Locations

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

© 2021 Nelson Gilmour Smith. All rights reserved. powered by totalSOLUTION

Nelson Gilmour Smith, Mercantile Chambers, 53 Bothwell Street, Glasgow, Lanarkshire G2 6TB
Kilbride Office : 33 Kittoch Street, East Kilbride G74 4JW
Hamilton Office : 47 Cadzow Street, Hamilton ML3 6ED
We use cookies on this website, you can find more information about cookies here.