UK business organisations have joined forces to create the Business Action Council (BAC), to recommend policy to the government for its Covid-19 response.
BAC, which is chaired by Maurice Ostro OBE, represents more than 500,000 businesses through a number of industry bodies including fintech organisation Innovate Finance.
The new group’s founding members include the Confederation of British Industry, the Institute of Directors, the Federation of Small Businesses, and the British Chambers of Commerce .
BAC is informed by six specialist working groups, which are developing policy proposals to guide the government’s response to the pandemic.
These include urging the government to assess the impact of Covid-19 on entrepreneurial businesses and the role finance will play in a post-coronavirus ecosystem for these businesses.
BAC wants the government to fine-tune its furlough scheme, enable employees to return to work safely, support high-growth start-ups and give solutions for how entrepreneurs can support one another through the pandemic.
The group has recommended the government protect landlords, tenants and construction firms throughout business disruption and create a tax framework that puts small and medium-sized businesses at the heart of the recovery.
BAC said the lifespan of the group will be determined by the progress made on addressing the policy requirements.
“Finance has a crucial role to play in re-energising the economy,” said Innovate Finance chief Charlotte Croswell. “In these volatile times, it is crucial that we identify innovative ways of providing the capital that stimulates growth and enables businesses to get back on track as we emerge from the crisis.”