Stricken shops are left out of the Chancellor’s £30bn stimulus package as they continue to shed jobs
Britain’s stricken shops were left out of Chancellor Rishi Sunak’s £30billion stimulus package.
Shops continue to shed jobs as customers stay away due to virus fears and social distancing measures.
The Chancellor extended a furlough bonus of £1,000 to all firms, including retailers, who bring staff back from furlough and employ them until January.
High Street woes: Shops continue to shed jobs as customers stay away due to virus fears and social distancing measures
But shops will not receive the VAT cut, from 20 per cent to 5 per cent, handed to travel, leisure and restaurants despite major lobbying.
Helen Dickinson, chief executive of the British Retail Consortium, said: ‘It was disappointing that the Chancellor did not extend this measure to the retail industry and the 3m people it employs.
It was a missed opportunity and we hope that the Government will reconsider this ahead of the autumn Budget.’
The Government may believe that the 12-month business rates holiday, which runs until April, is sufficient support.
Some retailers, such as DIY and homeware stores, will benefit from a housing market boost as Sunak’s stamp duty cut could lead to an extra 100,000 home purchases.
But fashion stores, which continue to struggle, are unlikely to see any gains.