The results from the latest British Chambers of Commerce (BCC) Coronavirus Business Impact Tracker reveal that the vast majority of businesses surveyed have furloughed a proportion of their workforce and are awaiting funds from the Coronavirus Job Retention Scheme as payday approaches for many.  71 per cent of survey respondents have furloughed staff, up from 66 per cent last we...

The results from the third BCC Coronavirus Business Impact Tracker reveal that the majority of businesses responding to the survey have now furloughed a proportion of their workforce, and are awaiting funds from the Government’s Job Retention Scheme to enable them to pay staff. 66% of survey respondents have furloughed staff in anticipation of scheme going live More than half of firms...

Results from the second BCC Coronavirus Business Impact Tracker reveal that most businesses have not yet successfully accessed the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and the grants for small businesses.Just 1 per cent of firms had successfully accessed CBILS and 7 per cent are receiving grants 57 per cent of firms have three months cash in reserve or less,...

The people of the UK are making extraordinary efforts to limit the health impact of Covid-19. This crisis is very different from other economic shocks that the Bank has had to grapple with in the past. That means it’s very difficult to judge how big the disruption is going to be or how long it’s going to last. What is clear is that Covid-19 is already having a major impact on the UK economy. ...

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...