Budget: Small businesses left on the brink

Responding to yesterday’s Budget, Liberal Democrat candidate for Mayor of London Luisa Porritt said:

“This budget was meant to set the pathway to recovery, but it has left millions on the brink.

“From bakers to beauticians, hairdressers to pubs – small businesses are the backbone of our economy and at the heart of our communities. But the Chancellor has left them looking over the cliff edge.

“Local businesses have told me that the Government grants they’ve received over the past year have been nowhere near enough to cover the costs of closure. These people have worked hard to build up their livelihoods and have done the right thing by closing their doors to the public.

“Today’s announcements do not go far enough. The grant offer is too small and more loans do not help businesses already weighed down by debt through no fault of their own. That’s why the Liberal Democrats have been calling for a bold and ambitious compensation package for those who have been hit with crippling losses, similar to the revenue loss scheme introduced in Germany.

“It’s not too late. The Chancellor must listen carefully to the needs of small businesses in the capital and act fast to give them the support they need. Our recovery depends on it.”

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