NI Chamber of Commerce and Industry responds to the Chancellor’s Summer Statement

Commenting on the Chancellor’s Summer Statement, Ann McGregor, Chief Executive of Northern Ireland Chamber of Commerce and Industry (NI Chamber), said:

“Businesses will welcome many of the Chancellor’s announcements, although it is likely that the scale of the stimulus needed to help the economy recover will need to be greater still over the coming months. We now look to the NI Executive for clarity on how it plans to use the Barnett consequential revenues in Northern Ireland.

“We look forward to seeing the detail of the job retention bonus to help safeguard jobs for some furloughed staff, but the best way to protect jobs is to reduce the overall cost of employment. Ministers must therefore consider a cut in employer national insurance contributions in the coming months.

“The VAT cut will help firms in the hospitality and tourism sectors working hard to restart after many months of lost revenue.

“Over the coming weeks the Chancellor will also need to address a number of other key concerns – most importantly the impending end of key business loan schemes. Northern Ireland’s corporate indebtedness has risen as a result and it is critical that Government, banks and regulators work together with business communities to find solutions that help viable businesses recover and invest.

“NI Chamber has already suggested a Westminster-funded ‘Business Revival Fund’ that firms can use in any way they need to increase productivity to deal with the fall out of the COVID-19 crisis – may that be to help them change their products/services, invest in new markets or introduce more sustainable practices for example.”

Love Belfast
Belfast guide to restaurants, bars, nightclubs, concerts, events, hotels, entertainment, special offers, news, gossip, travel, festivals and culture.

Related Articles

Economic survey confirms stark impact of COVID-19 and Brexit uncertainty on NI businesses

Some signs of recovery but all key business indicators remain negative Order books remain weak, particularly for export orders Collapse in confidence leads...

NI Chamber’s Meet the Buyer to boost local supply chain

NI Chamber is inviting suppliers from across Northern Ireland to register for its annual ‘Meet the Buyer’ before the application deadline on Friday 9...

NI Chamber launches new forum to tackle the skills challenge

Northern Ireland Chamber of Commerce and Industry (NI Chamber) has today (7 September) launched a new forum to provide members with an opportunity to...

Leave a Reply

Stay Connected

- Advertisement -

Latest Articles

Give the gift of luxury at Galgorm Spa & Golf Resort

Take the hassle out of Christmas shopping this year and give the gift of luxury at the click of a button with a voucher...


This week, as we celebrate the power of books and rediscover the joy of reading during Book Week NI and Irish Book Week, Belfast...

The Kraken Rum’s ‘Screamfest’ returns in virtual guise this Halloween, with ‘in real life’ video game, Starring Game of Thrones Actor, Iwan Rheon

·         The Kraken Rum has teamed up with Iwan Rheon - best known for his role in Game of Thrones - to become the leading...

Half-term activities to help raise funds for the NSPCC

This half term, it could be difficult to get out and take part in the usual activities you’d enjoy with your children, but if... and Jet2holidays welcomes Canary Islands return and announces restart dates from Belfast International Airport

UK’s leading operator to the Canaries announces that flights and holidays will restart from 31st October onwards Announcement comes after the Winter Sun hotspots of Tenerife, Gran Canaria, Lanzarote and Fuerteventura are removed...