Somerset Chamber Chief Executive Stephen Henagulph has welcomed the Government's extension to the Coronavirus Job Retention Scheme in an interview with BBC Somerset. If you missed it, click the link below to listen to the full interview:

The Bank of England has published its latest Monetary Policy Report and an interim Financial Stability Report. Together, they provide a scenario for the path of the UK economy in the light of Covid-19 and assess the financial system’s resilience to that scenario. The data shows that the current pandemic is drastically reducing jobs and incomes in the UK,  but that keeping interest rates low i...

The British Chambers of Commerce (BCC) has welcomed the Government’s announcement to temporarily guarantee business-to-business transactions which are currently supported by Trade Credit Insurance. This will ensure the majority of insurance coverage will be maintained and will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a c...

The UK economy shrank at the fastest pace since the financial crisis in the first quarter of 2020 as coronavirus forced the country into lockdown. The Office for National Statistics (ONS) said the economy contracted by 2% in the three months to March, following zero growth in the final quarter of 2019. The decline was driven by a record fall in March, and reflects just one full week of lockdown....

The Government has confirmed the Coronavirus Job Retention Scheme will be extended to October, with no changes before the end of July. The Chancellor said the scheme would be made more flexible, apply to all regions and sectors and enable staff to return to work part-time. More details would be made available before the end of the month. Commenting on the announcement, British Chambers of Commer...

Commenting on the publication of the UK Government’s COVID-19 recovery plan and associated workplace guidance, BCC Director General Adam Marshall said: "This is a significant step forward in terms of the information available for businesses, who will now need to digest the detail. "The guidance signals big changes for the way that many businesses operate, and some firms will now need time to pl...

Commenting on the Prime Minister’s address on Sunday evening (May 10) in which he set out a conditional plan for the next phase of the response to Covid-19, BCC Director General Adam Marshall said: “Businesses share the Prime Minister's ambition to see more people return safely to work over the coming weeks. “Companies will do everything they can to protect employees and customers, maintain...

Commenting on the latest UK Finance figures (7 May) on the number of firms successfully accessing the Coronavirus Business Interruption Loan Scheme (CBILS), the British Chambers of Commerce's (BCC) Head of Economics Suren Thiru said: “Although the steady improvement in the number of firms accessing CBILS is welcome, with many firms only having a few months' cash in reserve the pace of delivery ...

Results from the latest British Chambers of Commerce (BCC) Coronavirus Business Impact Tracker reveal the vast majority of firms surveyed say they will require three weeks or less to prepare to restart operations alongside any loosening of the UK lockdown.  Smaller businesses may be able to restart operations more quickly. Almost two-thirds (64 per cent) of respondents employing fewer than 10 pe...

Commenting on the news that the UK and US are to open formal negotiations on a future free trade agreement, BCC Director General Adam Marshall, said: “While most UK businesses will be focusing on the immediate challenge posed by Coronavirus, strong trading arrangements with both the European Union and USA will support recovery and future growth. “The Government has set a high ambition for UK-...

Commenting on the Government’s announcement on Saturday of a discretionary fund for small businesses that have previously been outside the scope of the business grant funds scheme, BCC Director General Dr Adam Marshall said:  “We have been calling for additional support for businesses and entrepreneurs who have fallen between the cracks, so it is welcome to see additional funding allocated t...

British Chambers of Commerce President, Baroness Ruby McGregor-Smith, has written an open letter to the Prime Minister setting out principles for a phased restart of the UK economy. The leading business group set out its integrated approach, the first step in a three-stage process, as the Government prepares to ease initial lockdown restrictions. The letter reads: “The fight against the virus ...

Commenting on UK Finance’s latest figures (April 30) on the number of firms successfully accessing CBILS, the BCC’s Head of Economics Suren Thiru said: “While the number of firms accessing CBILS is on an encouraging upward curve, a concerningly high number of firms continue to struggle to access this crucial lifeline. “The Bounce Back loan scheme is a welcome step toward getting cash to t...

Results from the latest British Chambers of Commerce (BCC) Coronavirus Business Impact Tracker reveal the majority of businesses surveyed ahead of changes to the scheme announced on April 27 did not intend to seek financial support through CBILS bank loans and most of those who had applied were awaiting a decision or had been unsuccessful. While the appetite for loan support is highest amongst fi...

Somerset Chamber Chief Executive, Stephen Henagulph, spoke to Simon Parkin on BBC Somerset to raise the profile of the grants available to businesses via their local authority. At the moment, nearly half of businesses have accessed the funds but the local authorities are keen to reach those who may not know they have money they can claim.