Reacting to the Executive decision on Covid-19 restrictions, Stephen McConnell, Business Services Partner at Baker Tilly Mooney Moore said:
“Today’s announcement, and any further restrictions in response to the Omicron variant, must be followed with an appropriate financial support package if the affected businesses are to withstand this latest phase. Many companies, including in the hospitality sector, are now making repayments to the Bounce Back Loan Scheme and various other support measures, meaning they are facing another period of restrictions as they pay off debts from the last one.”
“Business owners here have demonstrated their resilience and pragmatism as they adapted to various levels of restrictions since the onset of the pandemic in March 2020. Many did return to full operations in the past number of months and began making repayments to the various loan schemes before footfall began to drop again in line with a fall in public confidence. Now, with VAT set to return to 20% and business rates to reset to normal in just a matter of months, these businesses are facing another Christmas and New Year with limitations on their ability to make financial gain. We know that they have the resilience to adapt once again, but business owners will be awaiting details of a further financial support package to help them stay afloat.”
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