Home Business News Expert says Chancellor’s budget ‘blown out of the water’ due to Covid-19

Expert says Chancellor’s budget ‘blown out of the water’ due to Covid-19

by LLB Reporter
11th Mar 20 12:28 pm

On Wednesday Rishi Sunak delivers his first Budget in the House of Commons, but an expert has said his budget is “blown out of the water” due to the coronavirus outbreak.

Business will now need many billions to help them survive the coronavirus outbreak across the UK and the first priority for small firms will be “cash, cash, cash.”

Rishi Sunak the Chancellor is expected to announce emergeny funding measures across multiple sectors in an attempt to limit the impact of coronavirus on the British public, the NHS and the economy.

But BBC Business Editor told Andrew Neil on Politics Live said, “The core budget he wanted to deliver has been blown out of the water by the coronavirus budget.

“For small businesses, the future can wait, this is clearly a public health emergency, but it is also life and death situation for some small businesses and the key is cash, cash, cash.

“For example, will I have to pay my VAT on time? What about my business rates bill? What about employees who are now getting statutory sick pay from day one rather from day four? Who’s going to pay for that?

“The Bank of England has cut interest rates from 0.75% to just 0.25%, with BoE Governor warning the impact from the coronavirus outbreak could be “sharp and large.”

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