GSD: Businesses “Urgently Need Government Assistance To Survive Coronavirus Crisis”
The GSD says it notes the emergency cut in interest rates, and the UK’s Budget response to assist small and medium sized businesses to survive the effects of the Coronavirus crisis, and urges the Gibraltar Government to consider a similar response.
Roy Clinton the GSD Shadow Minster for Public Finance and Small Businesses observed:
“The Gibraltar business community is already starting to feel the effects of the Coronavirus crisis, especially in the tourism and hospitality sectors and the Government needs to urgently provide medium term support to normally profitable and cash positive businesses.
“There has been significant Government intervention in the public health area but the business sector also needs support. The UK budget gave specific immediate assistance in areas such as meeting costs for sick pay for those diagnosed with Coronavirus and other reliefs such as suspension of business rates for a year. I am not suggesting that the Government mirror these identically, but that a tailor made package of measures be implemented as a matter of urgency in consultation with business stakeholders to provide certainty and relief where needed most in the coming days. We must protect the health of our economy where possible and deploy any existing rainy day funds as necessary.”
