The top priority for every firm is protecting its workforce and businesses are doing what they can to keep people in jobs and employment. But as the impact of the COVID-19 crisis deepens, firms are looking to government to support them in delivering on this ambition through the following measures:
Since the outbreak of COVID-19 started two months ago, firms’ complex and highly tuned supply chains have been impacted, with the availability of shipments from China being particularly adversely affected. As the crisis has spread around the world, these tensions have worsened, with 1000s of businesses telling the CBI that they’re struggling to service customers and obtain the goods they need.
To help businesses manage these disruptions, the government should relax trading measures, including:
As the public respond to the government’s instructions to contain the spread of COVID-19, demand within the economy is shrinking, with hospitality, retail and leisure sectors amongst those most negatively affected. To help businesses adapt to this environment and ease pressures on cash flow, the government should:
The CBI had a further recommendation to implement automatic deferral of VAT payments due in May - but this was announced by the Chancellor as part of a rescue package on 20 March, injecting £35bn into the economy.
CBI response to new self-employment support - 26 March
CBI responds to key worker list publication - 20 March
Bank of England rate cut response - 19 March