Are you aware of the limitations of the Treasury’s one-size-fits-all approach? The Chancellor was praised early in the pandemic for eschewing the ideology and launching broad support measures for businesses and the job market.
Under the logic of these interventions, businesses that will be hit by a four-week delay until the economy fully reopens should receive additional support.
Businesses that can thrive in the post-COVID-19 world may struggle to cover their expenses while practicing social distancing or working from home. It cannot be opened or function normally according to government policy.
For example, a 10% contribution to wake costs, starting in July, seems out of date for many pub, restaurant, bar, leisure and theater venues. The Resolution Foundation found that full-rough rates were less than 30% in hospitality and leisure compared to 8% overall at the beginning of May, and much lower in construction or manufacturing, where they operate primarily as usual.
If you choose an activity that contributes to a six-month increase in salaried employees, the natural answer would be to target support where it is needed most.
This is a solution that the Treasury has long resisted, especially for the halo scheme. One reason, according to Simon French of Panmure Gordon, is that it’s operationally challenging, for example, to ring hospitality from suppliers or other businesses that depend on them.
With reports of worker shortages in some parts of the economy, the Treasury is unlikely to segment its current £64 billion banner program. We have extended our plans to September to include the reopening period.
The hospitality sector did not stop after restrictions were lifted until a bank holiday week in August last year, according to UK Hospitality. expected. After a couple of weeks of spacious table service with the app available, it’s time to watch how deep the drinkers go in the bar. Even with strong deals, the sector is facing billions of outstanding rental debt with no clear plan for what will happen when the commercial eviction ban is lifted this month.
An easier way would be to extend an already targeted action. Business rates for retail, hospitality and leisure facilities will be lowered to 67% starting in July, which will drive up costs. Restart subsidies of up to £18,000 for hospitality companies announced in the budget go to many people, especially companies that have closed down due to limited space or terribly quiet downtown locations. It can be repeated in any form for promises, promises. Only 4 weeks delayed.
A more rigorous test of the overall approach could come from the travel and aviation sectors. Contrary to the “end date” of July, which the prime minister has promised for other Covid restrictions, the traffic light system for travel is here for the time being. At the urging of the Treasury, the sector has proven adept at wasting private finance and leveraging extensive government support and loan schemes. However, the rather modest business rate cuts are expected to end in September, with industry requests to consider industry-specific lagging plans reportedly curtailed within a short period of time.
According to travel industry groups, about half of the 1.6 million jobs in the aviation and tourism industry have been either kept or have already disappeared with government support. Last summer, the airport sector alone lost £2.6 billion in revenue, with passenger numbers peaking in July at 22% of 2019 levels. It is currently less than 5%, according to the Airport Operators Association. Predictions of a gloomy flight to 2024, when it was gloomy a year ago, are now so reliable.
This week the prime minister said he had to “learn to live” with Covid. It may be necessary to reflect that some sectors will take much longer than others.
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