Record borrowing should not stop support for small business

New economic data from the Office for National Statistics show the Government borrowed £19.1bn last month, the highest figure on record for February.

The figures also show public finances worsened further in February as spending on Covid-19 support continued to grow while tax receipts fell.

Christine said: “These record borrowing figures throw into stark relief the scale of the challenge posed by Covid-19, but they can not be used as an excuse by the Government to end support prematurely, and leave behind people and businesses struggling across the UK.
“Thousands of small businesses are due to stay closed for months to come, and millions of people are still worried about their jobs. Yet the Chancellor failed to provide them with long-term certainty and direct support in the budget.
“The Government can’t keep its head in the sand about the difficulties people face. We must see an ambitious revenue compensation package for struggling small businesses, and an extension of the furlough scheme until the end of the year, to give workers and SMEs certainty about the future.”

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