CBI responds to extension of furlough and loans schemes

Rain Newton-Smith, CBI Chief Economist, said:  

“In the middle of a tough winter, this will bring some much-needed certainty and respite for businesses.  

“Stable employer contributions and an extension to the Job Retention Scheme until the end of April will mean the scheme continues to protect people’s livelihoods.  

“And with cashflow difficulties still at the forefront of the minds of many business owners, continued access to Government-backed loans through to Spring will bring great comfort.  

“In early 2021, businesses will likely need clarity about the level of support beyond the Spring to build a bridge to economic recovery.  

“Working with firms to evolve the furlough scheme, support cashflow and avoid cliff-edges in other schemes like tax deferrals, grants and business rates holidays, will be essential early in the new year.”