Axminster's business community is hoping for help with their economic recovery
- Credit: Barrie Hedges
Hard-hit traders in Axminster have their attention fixed on Chancellor Rishi Sunak’s Budget today as he announces his financial route out of lockdown.
A survey of businesses by the Totally Locally Axminster traders’ group shows that optimism over the town’s future is being tempered by concerns whether crucial support will be available to help them get through the recovery stages.
As chief executive of one of the town’s most high profile businesses, River Cottage managaing director Stewart Dodd said that businesses would be unlikely to return to pre-Covid revenue levels until 2022. He spoke for most with his assessment of the critical factors for local businesses, including a furlough scheme extension until July 31 to support a phased return to work. He believed both the reduced VAT rate of five per cent and businesses rates relief should be further extended to the end of March 2022, and urged pressure be put on banks and lenders to allow further capital repayment breaks, plus encouragement to landlords to allow rent breaks.