Derry Chamber President, Redmond McFadden
Reacting to the Chancellor’s announcement of the Coronavirus Job Retention Scheme, Londonderry Chamber of Commerce President Redmond McFadden said:
“This is a very welcome intervention by the UK Government which will help alleviate the stress and pressure on businesses and workers across the country. The Coronavirus Job Retention Scheme will help ease cash flow worries on businesses, large and small, by covering 80% of salaries up to £2500. It is excellent news that this will be backdated to 1 March and that there will be no limit to the amount of funding provided by the Treasury.
“The Chancellor’s message to the business community this afternoon was clear – do not permanently lay off your workers just yet. All furloughed and temporarily laid-off workers who are still on the pay roll will be eligible for this grant. This is an announcement which will ensure thousands of local workers will continue to be able to sustain their households, provide for themselves and their families, and will have a job to return to once this crisis is over.
“Additional measures concerning the deferral of VAT payments until the end of June, extending the interest-free period of the Business Coronavirus Interruption loans from six months to twelve months, and allowing self-employed people access to Universal Credit are also good news for businesses and are common sense approaches to this emergency.
“During this period of extreme uncertainty and upheaval, supportive measures like these will help prevent the local economy from collapse, relieve the concerns of workers and businesses alike, and help preserve tens of thousands of jobs.
“The Chamber is ready to assist those businesses who need support and guidance during this time and we urge them to contact us if they need clarity on the measures that have been announced.”