Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
budget
August 12 2020

FSB calls for ‘most pro-business Budget ever’ as recession strikes

Marc Shoffman News, SME News, Top 3 Budget, Federation of Small Businesses, Mike Cherry, recession

The next Budget will need to be the “most pro-business ever” to counter the impact of the UK recession, the Federation of Small Businesses (FSB) has warned.

The UK entered into recession for the first time in 11 years after the economy shrunk by 20.4 per cent between the first and second quarter of 2020.

Mike Cherry, national chairman of the small business lobby group, said every policy change now needs to be carefully assessed for its potential to create jobs, spur growth and increase productivity, especially with the impending spectre of Brexit.

“We need the most pro-business, pro-self-employed Budget ever this autumn, one that lowers the costs of innovating and bringing great goods and services to market and eschews tax rises,” he said.

“We’ve had welcome measures to aid business survival and job retention, the Government should now be focussing on measures to aid business and job creation.”

Read more: SME lenders: Coronavirus could be worse than financial crisis

Cherry’s wishlist includes a cut to employer national insurance contributions, infrastructure investment and taking more small firms out of the business rates system.

He also suggested businesses shouldn’t have to repay bounce back loans until they are in profit.

“More than a million firms have now taken on bounce back loans to see them through this incredibly challenging period,” Cherry said.

“They now need a guarantee that they won’t have to start paying them back until they’re making a profit.

“Such an assurance will encourage them to invest and expand today, rather than hoarding cash for fear of what’s coming down the line.”

Read more: Analyst warns coronavirus will test P2P lenders

The UK is officially in recession, is this P2P lending’s chance to step up? The Covid-19 pandemic and learning from previous crises

Related Posts

CLOSED Out of business shop sign vector illustration

Industry News, News, Top 3, Uncategorized

SME lender warns many companies will not survive

London, UK - Downing street offices, entrance gate

Industry News, News, Top 3

Government responds to P2P fraud query

Neil Faulkner, 4thWay

Features, Top 3

The risk hunter: 4th Way’s Neil Faulkner

Popular posts:

  • MP queries level of fraud in P2P lending
  • Aave launches higher risk, higher return option for…
  • Some firms set to pay more than maximum CBILS interest rate
  • Growth Street to return 100pc of investor funds
  • A year in the life of the 36H Group
  • Investors urged to look at ISA options ahead of…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by