18 May 2024, 14:37
By Furniture News Feb 25, 2021

BFM calls on Government to avoid "financial cliff edge"

The British Furniture Manufacturers (BFM) is calling on the Chancellor to extend support for businesses in his upcoming budget, to avoid a "financial cliff edge".

In the latest issue of the BFM’s Monthly Economic Review, the trade body’s MD, Nick Garratt, has welcomed the "pragmatic, safe route" presented by the Government’s roadmap out of lockdown in his analysis of the economy and its impact on furniture manufacturing – but he also urged the Chancellor to consider extending the Job Retention Scheme, Business Rates holiday and the VAT deferrals window past 31st March.

Nick says: “After 11 months of operating under Covid-19 restrictions and national lockdowns, this week’s roadmap announced by Boris Johnson, the Prime Minister, offers hope that normality can return. Next week’s Budget is the second half of this announcement - extending business support in parallel to restrictions will give firms a bridge to the other side.

“BFM is campaigning through both the BFC and the CBI to the Chancellor, the Rt Hon Rishi Sunak MP, to avoid the financial cliff edge, with several crucial support packages currently due to end on 31st March. This includes extending the Job Retention Scheme and Business Rates holiday and lengthening the VAT deferrals window.”

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