Results from the BCC’s first Covid-19 Business Impact Tracker paints a concerning, if unsurprising, picture for business communities affected by Coronavirus.Sharp and significant fall in domestic and overseas revenue for UK businesses The majority of firms (62 per cent) have three months’ cash in reserve or less Almost half of respondents (44 per cent) expect to furlough at least 50% ...

Commenting on Business Secretary Alok Sharma’s announcement on the relaxation of the insolvency rules, BCC Head of Economics Suren Thiru said: “Businesses will welcome the government’s sensible steps to amend insolvency laws to help protect companies weakened by the impact of coronavirus. “It is right that the rules on wrongful trading are temporarily suspended to ensure that directors ar...

Commenting on the further measures announced by the Chancellor to help businesses hit by the impact of Coronavirus, BCC Director General Dr Adam Marshall said: “The Chancellor has given businesses desperately needed breathing room at this critical moment.    “The deferral of VAT payments keeps money in the pockets of businesses so that they can pay their people and suppliers, and the comm...

Somerset Chamber of Commerce is offering help and support to local businesses which are suffering as a direct result of the Coronavirus (COVID-19) outbreak. The Chamber has a dedicated Coronavirus information hub on its website, signposting businesses to key official guidance from Government for employees, employers and businesses. The page is updated regularly as soon as information becomes ava...

Commenting on the decision by the Bank of England’s Monetary Policy Committee to cut interest rates to 0.1%, Suren Thiru, Head of Economics of the British Chambers of Commerce (BCC), said: “The decision to cut interest rates to their lowest ever levels and restart quantitative easing reflects an increasingly dire near-term outlook for the UK economy. “This may give a short-term boost to ma...

Responding to the package of government announcements to help businesses affected by Coronavirus, BCC Director General Dr Adam Marshall said:   “Businesses will welcome the scale of the Government's latest response, as well as the specific support it is offering to some of the worst-affected parts of our economy. These measures could be a lifeline for many businesses across the UK who are now...

UK economic growth is expected to slow sharply in 2020 amid disruption caused by the impact of Coronavirus, according to the latest economic forecast by the British Chambers of Commerce (BCC). The leading business group has downgraded its UK GDP growth expectations for 2020 to 0.8%, from its previous forecast of 1.0%. Outside of the 2008/09 financial crisis, this would be the weakest full-year g...

Special Business Readiness Bulletin – Important Coronavirus (COVID-19) Information for businesses and employers from the Department for Business, Energy and Industrial Strategy Business Support announced in the Budget In the Budget the Chancellor announced a package of measures to provide support for public services, individuals and businesses affected by Covid-19. The UK is extremely wel...

Somerset Chamber of Commerce's Chief Executive, Stephen Henagulph, has welcomed the Chancellor Rishi Sunak's first Budget, which unveiled a £30 billion package to help the economy through the Coronavirus outbreak, a raft of business-friendly tax cuts and support packages and investment in infrastructure and low-carbon, clean growth technology. Mr Henagulph said: "While as always, the devil will ...

Giving his initial reaction to the Chancellor’s March Budget, British Chambers' of Commerce Director General, Dr Adam Marshall, said:  “There’s much to welcome in this Budget for business communities across the UK.   “The Chancellor has listened to our calls for support to help firms overcome cash flow challenges posed by Coronavirus.  Increases to infrastructure spending and sharper...

Responding to the Bank of England’s announcement that interest rates will be cut from 0.75% to 0.25% in the wake of the Coronavirus outbreak, BCC Director General Dr Adam Marshall said: "Businesses will welcome the decisive action taken by the Bank of England to support the economy at this delicate moment. “The Bank and UK financial institutions must now work together to ensure that these pol...

The British Chambers of Commerce has welcomed the Government’s announcement today of a £1 billion agreement to take 4G coverage to 95 per cent of the UK landmass by the end of 2025. BCC Director General Dr Adam Marshall said: “This is a major win for our Chamber ‘No More Not Spots' campaign, which has worked across the UK to identify and fix the mobile ‘not spots’ holding back business...

Business leader Baroness Ruby McGregor-Smith CBE has been elected President of the British Chambers of Commerce. Baroness McGregor-Smith was elected by representatives of the accredited Chamber Network ahead of the BCC’s Annual Conference in London. She will take up the role, which is unremunerated, with immediate effect, succeeding Francis Martin CBE. As President, Baroness McGregor-Smith wil...

British Chambers of Commerce Director General Dr Adam Marshall will today call on the UK Government to sweep away barriers to business growth and investment at the leading business organisation’s Annual Conference 2020.   In his keynote speech, Dr Marshall will praise the determination of British businesses navigating a period of significant change. He will call for cuts to the high upfront c...

Stephen Henagulph, Chief Executive of Somerset Chamber of Commerce, said: “Although most businesses have yet to see any severe direct impact as a result of the Coronavirus Covid-19 outbreak, many will be planning ahead to manage any potential economic effect, such as staff shortages, shipping restrictions, increased freight costs, supply chain disruption and travel restrictions. “For those wh...