Blake Morgan chairman comments on Summer Statement

Blake Morgan Chairman Bruce Potter comments on today’s Summer Statement as the UK tries to recover from a COVID-19 recession.

This is what he had to say about Chancellor Rishi Sunak’s announcement: “It might not be the summer blockbuster some were expecting, but the Summer Statement represents a significant investment in our recovery from a COVID-19 recession.

“Rightly, employment sits at the heart of the statement. Today’s announcements on job retention funding, apprenticeships and the kick starter scheme are good news for businesses who want to keep people on or want to invest in future talent. Equally, there’s cautious optimism for younger people and job seekers whose opportunities may have just broadened, and investment in ‘green’ job creation through the £2bn re-fitting scheme is an important step towards our net zero targets.”

Mr Potter added: “Other measures are very welcome but much more predictable. While VAT cuts, Stamp Duty cuts and money off meals out will support the housing market and stimulate the hospitality sector – and encourage people to spend, they’re standard fare for a recessionary recovery and won’t help the engineering and manufacturing sectors.  Instead, what businesses and consumers will be looking for come the autumn is a macro-economic plan for the future of the UK – how do we really tackle our infrastructure, housing, environmental and healthcare issues as well as what a vision for post-Brexit Britain really is. By addressing these big challenges, the Chancellor is more likely to create confidence in a sustainable future – which will ultimately help unlock private sector investment and increased consumer spending.”