It’s been another bumper month in fiscal policy, with the team progressing on our policy work and engaging with HM Treasury on a range of topics, from COVID-19 and the economic recovery, to regulation and R&D tax credits.
Responding to the delay in the government’s COVID-19 roadmap
Whilst CBI surveys continue to show growing optimism in the UK’s economic recovery, we are still seeing signs of multi-speed recovery and significant sectoral variations. Most businesses favour certainty and irreversibility over speed, but the delay to step 4 of the government’s roadmap will have been a particular blow to hard pressed firms in hospitality, leisure and live events. In response to the delay we were pleased to see the government respond to our asks on extensions to workplace testing (until the 31th July) and the commercial evictions moratorium (to March 2022), but we are continuing to call for a delay to the tapering of business rates relief to cover the restricted trading period and for the £1.5bn funding pot for supply chain firms to be quickly disbursed. We are also continuing to feed the latest business insight into the social distancing review and ahead of the next review of the Global Travel Taskforce, engaging across Cabinet Office, DHSC, DfT, HM Treasury, and BEIS.
Seize the moment - a new economic strategy for the UK
As the UK begins to recover from the