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Gloucestershire Business News

CBI: Business survival hangs in the balance

As government support schemes for businesses wind down, the survival of many still hangs in the balance, according to the CBI.

The CBI is calling for more action from government to ensure firms survive.

Job retention schemes have been a lifeline for many businesses, but despite the gradual reopening of the economy, the business group has warned that recession is a certainty and unemployment is rising.

The CBI wants to see extensions of grant support schemes for smaller companies and business rates relief in England and the deadline for the Coronavirus Business Loan Scheme extended for a further three months beyond August.

CBI director-general Dame Carolyn Fairbairn said: "The government's support of business during the crisis has saved countless firms, but the rising number of redundancies and benefit claimants shows just how hugely damaging this pandemic has been for our economy.

"The survival of many businesses in hard-hit sectors still hangs in the balance over the summer as schemes begin to wind down. These firms cannot wait until the autumn for further action."

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