Business leaders and politicians from across the North West have been reacting to the Chancellor’s announcement last night that he will provide a £330bn guaranteed package to boost the economy.
Rishi Sunak MP made the statement at the second daily coronavirus briefing yesterday as the Government battles to support the economy amid the outbreak.
In response to mounting pressure to support businesses in the airline and hospitality sectors, he unveiled a huge loan support package and grants to small firms, also extending a business rates holiday.
On Monday evening and overnight, business and political leaders have given their response to the statement.
There was initial optimism, but a warning that the “devil will be in the detail”.
But with the announcement of a “three-month mortgage holiday” for those who need it, there are also calls for more protection for renters.
Metro Mayor Steve Rotheram said the package of business support was “a welcome first step”, but that it will only be effective if businesses can quickly and easily access it.
He took to Twitter to say: “There are also questions to be answered about the terms of the loans on offer, and businesses’ ability to pay them back given their loss of income.
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“I’m cautiously optimistic about this as a decisive action but, as ever, the devil will be in the detail.”
On Wednesday, he said work is now underway to introduce measures to help local people cope with the spread of the virus.
The Metro Mayor announced he will convene a call on Wednesday with local businesses, trade unions and social enterprises to better understand what help they need to protect themselves and their staff and what the government needs to do to better respond to local need.
He added: “I am working closely with organisations from across our region to understand the needs of our communities and the challenges we face to help put together our response.
“These measures are just some of the things that we are exploring. As the nature of the spread locally becomes clearer, we will be announcing further measures to help people and businesses in every part of our region.
“In the meantime, I will be lobbying government to provide the appropriate support our public services and local businesses require to help manage things.
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“Our region is famed for its community spirit, its kindness and generosity, and its collective solidarity. As we coordinate our response to COVID-19, those values will be needed.”
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Paul Cherpeau, CEO of the Liverpool Chamber of Commerce, wrote: “Government business funds [are] welcome but implementation is critically important to have impact.
“Getting cash to businesses urgently requires clear unambiguous routes to access and eligibility criteria. All about details now which is what the Chamber will focus upon.”
Frank McKenna, chief of lobbying group Downtown in Business, tweeted to say: “Devil in detail, but chancellor’s announcement is positive.
“Now we have to ensure that the cash available goes to its intended targets- businesses and their staff. Are banks geared up to get the money out the door quick enough?”
The Liverpool Business Improvement District said on Twitter it was “celebrating” the government’s business rates holiday announcement for the retail, leisure and hospitality sector.
Mark Montaldo, director at Liverpool-based national law firm CEL Solicitors, said the same support that has been pledged for homeowners must now be given to renters.
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The firm is a specialist in housing welfare, and Mr Montaldo said: “There’s no doubt that the Government has an extremely difficult job on its hands and the primary concern should clearly be tackling the outbreak and delaying the spread.
“However, we also need to consider who will be most impacted and how these people are supported.
“While the Government’s pledge to provide financial relief to homeowners is welcomed, there seems to have been little consideration for the millions of people across the 海角视频 who rent their homes from private landlords.
“We cannot allow people to feel they cannot self-isolate to protect themselves – and others – for fear of losing income and therefore potentially losing their homes.
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“We need a joined-up approach here – if we are offering relief to homeowners and, therefore, landlords, this relief needs to be passed on to tenants. But, this is an issue that requires more thought than simply being a line in the Budget.
“Nobody knows what will happen in three, six, 12 months’ time as Coronavirus continues to tighten its grip, but we should be able to take some of the pressure off by reassuring people that they will not be made homeless because of this pandemic.”
Dr Adam Marshall, director-general of the British Chambers of Commerce, welcomed the measures and said they needed to happen quickly. He said: "These measures could be a lifeline for many businesses across the 海角视频 who are now experiencing wholesale disruption as a result of the pandemic.
“The key to the success of these measures is whether they get cash to businesses on the front line, fast. Companies need practical details, at great speed, for these interventions to have the desired impact, and to reassure firms across the 海角视频."
Federation of Small Businesses chairman Mike Cherry agreed, saying: “This unprecedented package of loan guarantees, business rates breaks and cash grants marks a hugely welcome step forward. The key now is to deliver these measures within the coming days with no hold ups at banks, local authorities or central government."