The Chancellor’s decision not to extend cash grants to small building companies is a missed opportunity given many are facing going out of business, warns the Federation of Master Builders (FMB) in response to today’s announcement by the Chancellor of the Exchequer.
Brian Berry, Chief Executive of the FMB said:
“Britain’s builders are already facing severe difficulties as a result of the coronavirus. It leaves small building companies and their workforce stranded without the cash they need today. The £25,000 cash grant scheme must be extended to the SME building sector immediately, as it has been for retail and hospitality.”
Berry continued:
“Small builders have already seen a 76% fall in work, they cannot work from home, and redundancies are starting to hit. The Coronavirus Job Retention Scheme and commitments to support firms to keep staff is a big help, but April will be too long to wait for many.”
“I am glad the Chancellor has listened to the FMB’s calls to defer VAT payment from today, and to make Statutory Sick Pay equivalent amounts available to the self-employed. The hurdles of the Universal Credit system, however, must be fixed if workers are to get this money without delay. Speed and simplicity is of the essence, so I’m pleased to see the Coronavirus Business Interruption Continuity Loan Scheme will be up and running from Monday.”
