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ICAEW responds to support announced for businesses affected by Omicron COVID variant

Author: ICAEW

Published: 21 Dec 2021

ICAEW has welcomed the support measures announced for businesses affected by the Omicron variant of COVID, but warned more action may be needed.

Responding to the measures announced today, Michael Izza, ICAEW Chief Executive, said:

“The emergency funding will give hospitality and leisure businesses some welcome respite and go some way to helping offset lower customer numbers during this important trading period. Businesses still need certainty to plan however, so the government should give clarity as quickly as possible on whether more restrictions are on the way after Christmas.

“If further action is required to tackle Omicron, and is likely to last for an extended period, other targeted interventions will be needed to support cashflow for those businesses most affected. ICAEW has suggested to HM Treasury that measures such as a temporary increase in the 50% business rates rebate, deferring this quarter’s VAT payment, and the collection of existing government-backed loans or VAT-deferred debts, would help struggling businesses and ensure they don’t start the new year on the back foot.”