MORE support is needed to help companies in Coventry and Warwickshire get through the Coronavirus crisis despite historic measures introduced by the government and the Bank of England, a local business leader has said.
The Bank of England has cut interest rates to a record low of 0.1 per cent and restarted its Quantitative Easing programme by pumping £200billion into the economy, in a bid to ease the economic impact of the pandemic.
But the chief executive of the Coventry and Warwickshire Chamber of Commerce said support would have to go even further.
Louise Bennett said: “The picture isn’t just shifting by the day, it is moving by the hour as the bank and the government continue to increase efforts to soften the economic impact.
“Just over a week ago, we were talking about an unprecedented budget in terms of support for the economy – and we have moved on drastically in a very short space of time and that seems an age ago.
“The chamber is in constant dialogue with partners in the region, with government and with our members to ensure we are meeting this challenge head on and offering all the support we can.
“Our overriding message to decision-makers is clear. Businesses need quick and easy access to the financial support available and no measure in terms of help should be off the table right now.
“We are in for some very challenging weeks and months ahead and I think it’s fair to say that the government and Bank of England understand the magnitude of that – but must now ensure that businesses get the money they need immediately.
“Our message to businesses is also very clear. You may never have asked for support before but do so now and stay in regular contact with the chamber and professional advisers who will be able to help you.”
Call 024 7665 4321 for more more information on support from the chamber.