East Anglia is in need of a spending spree
- Credit: Archant
With nowhere to go and no one to see, the British public has been racking up the savings during a year’s worth of lockdowns.
However while pub closures have been bemoaned and hairdressers sorely missed, consumers have got used to seeing their cash staying in the bank – an estimated total worth £180bn.
Economists are urging shoppers to make the most of businesses reopening and inject some of that money from under the mattress into the parched high street.
Indeed Andy Haldane, the Bank of England’s chief economist, said last week: “I very much want as much as possible to be spent that’s what creates the demand and the jobs to help those who may have lost their jobs, who may have suffered a cut in income as a result of the crisis.”
We are pleased that the Chancellor has delivered the vast majority of our immediate requests and those of our members, including an extension to the furlough, self-employed, business rates relief and VAT deferment schemes. We are also relieved that the increases in corporation tax will not take effect until 2023. Lobbying by Suffolk Chamber and other chambers across the country has clearly and demonstrably worked.
David Burch, director of policy at Essex Chamber of Commerce, however, sounded a more cautious note.
He said: As with all Budget announcements the devil is always in the detail but there is plenty for businesses in Essex to welcome from today’s announcements.
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