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ICAEW comment on extension of the furlough scheme

Responding to the measures announced by Chancellor Rishi Sunak today, Michael Izza, ICAEW Chief Executive, said:

“The extension of the furlough scheme and the government-backed loans programme are a welcome and timely intervention and will help protect thousands of businesses and millions of jobs, especially in the sectors hit hardest by Tier 3 restrictions.

“The likelihood is that businesses will have to contend with tough conditions for months to come, so the Budget in March will therefore need to assure employers by providing targeted further support. However, it will also be an opportunity for government to consolidate its strategic thinking on the future of the UK’s economy, drawing together plans and investment in vital areas such as reskilling for the green economy, regional levelling-up, boosting entrepreneurism and improving productivity - all while seeking to place the public finances once again on a sustainable footing”.

“Now as negotiations with the European Commission enter their final stage, we urge the government to spare no effort to secure a fair trade deal with the EU which will support our economic recovery post-COVID-19.”

 

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