What Does 2021 Hold for UK Businesses?

11 Jan, 2021

Last year it was reported that the economy would bounce back in 2021 from the COVID pandemic but would be unlikely to recover fully until the end of 2022.  But with the new coronavirus variant and latest lockdown, will this still be the case?

Despite us starting the year on a bit of a back foot, there is still hope that the approved vaccines will help the UK economy recover this year.  But if there is one thing for certain, it’s uncertainty.  COVID and Brexit have made it extremely difficult for businesses to plan ahead and for many, the main focus this year will be to survive rather than thrive.

In order for businesses to endure a third lockdown, further help from the Government is critical.  Earlier this week it was announced that a further £4.6 billion had been allocated to new lockdown grants to help support businesses and protect jobs and those in retail, hospitality and leisure will receive grants worth up to £9,000 per property to help through to the Spring.  Chancellor Rishi Sunak confirmed that these would be reviewed again in its Budget on 3rd March to establish whether or how to expand support packages, but this could be too late for some firms.

To find out what financial support schemes may be eligible for your business, visit the Government website here.

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