HomeBusiness NewsBudget isn’t enough for small Businesses as 25% won’t survive end of lockdown

Budget isn’t enough for small Businesses as 25% won’t survive end of lockdown

by LLB Finance Reporter
4th Mar 21 12:13 pm

As the Chancellor outlined his strategy to support business in the UK, the national discount scheme, My VIP Card, states that although there is some positive news for the retail and hospitality sector for thousands of small businesses it is not enough. New data from the discount scheme highlights that 1 in 4 (25%) are already on ‘borrowed time’ and are struggling to stay afloat now and the lack of government support will be fatal.

The grants being offered by the Chancellor is a welcome relief to some retail and hospitality outlets but many of these have missed vital trade in the last few months. Thy have already missed Christmas and Valentines and they will now miss out on Mother’s Day shoppers as well and the grants don’t go far enough to cover the lost revenue for many local shops. Over a quarter (28%) of businesses surveyed stated that if they survived lockdown the first 6 months of trading will be purely used to pay off debt.

My VIP Card recently launched a national campaign, ‘Everyone is a VIP to someone’ to support small business owners and raise awareness of mental health issues in the UK. Small business directors have had a tough year and have been continually forgotten by the government. the scheme has been actively supporting thousands of businesses through the pandemic by offering free membership and promotion to our national network of members.

Many local shops and services have adapted their solutions to offer online, click and collect or takeaway services and My VIP Card allows a ‘one stop shop’ to find all the amazing offers and discounts available in your local community and beyond. The national discount card gives local shoppers access to thousands of discounts, helping them save on average £500 a year while supporting their local high street.

Maddy Alexander-Grout, Founder of My VIP Card, added, “I am disappointed by the Chancellors budget support for small business. The grants will help some businesses, but many aren’t eligible or the grant is simply not enough and for thousands of small business directors they have been completely forgotten again. I have personally spoken to hundreds of local business owners and many are really struggling to survive now and without more support can’t survive until April.

My VIP Card is here to support small businesses across the UK by raising awareness and actively encouraging shoppers to benefit from local discounts. If you need support or know a small business that would benefit from becoming part of our network, then please get in touch.”

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