Praise from business leaders

LONDON: Business leaders praised the Chancellor for his “bold” measures, pledging to work with the government to boost jobs and growth.

Stephen Phipson, chief executive of manufacturing organisation Make UK, said: “The emphasis on protecting jobs which already exist, whilst safeguarding and preparing young people with the skills for future jobs which may not yet have been invented is a strategy that companies will fully support.”

He added: “Manufacturers stand ready to work with government to do whatever it takes to boost growth and livelihoods across the whole of the UK.”

Dame Carolyn Fairbairn, director general of the CBI, said the Chancellor was right to prioritise jobs, adding: “Flattening the daunting unemployment curve about to hit our country could not be more important”.

Fairbairn added: “But prevention is better than cure. Many viable firms are facing maximum jeopardy right now. The job retention bonus will help firms protect jobs, but with nearly 70 per cent of firms running low on cash, and three in four reporting lack of demand, more immediate direct support for firms, from grants to further business rates relief, is still urgently needed.”

Mike Cherry, chairman of the Federation of Small Businesses, said: “Whilst the majority of small businesses have been supported by the Chancellor’s emergency measures, some have not.

“We need the government to spell out how it will help the newly self-employed and company directors who have once again been overlooked this afternoon, and have now been left without help for more than 100 days during this incredibly difficult period.”

Jonathan Geldart, Director General of the Institute of Directors, said: “The Chancellor’s greatest strength has been his willingness to adapt as the situation moves.”