Richard Burge, Chief Executive of London Chamber of Commerce and Industry, said: “We welcome the positive intent of the Chancellor’s announcement, which will provide financial reassurance to many.
But, London accounts for around 20% of the UK’s self-employed population, so we will carefully study the detail to work out how many fall outside of the parameters for support.
Self-employment is a complex area, by the Chancellor’s own admission, so we will also need to understand the specific implications of the package for individuals and their businesses, especially if they are incorporated - who we fear may be slipping through the net.
“What is clear is that there is a wait of weeks to access this support, and the capital has a higher cost of living than the rest of the UK. It’s imperative that banks are open to interim lending. And that whilst Universal Credit payment is not enough for many, there at least needs to be the resources to quickly process increased applications.”
ENDS.
For further comment or interview:
Steven Reilly-Hii
Senior Media Relations Manager
E: press@londonchamber.co.uk
T: 0207 203 1897