MANY more businesses face failure after the furlough scheme ends at the end of September, it has been claimed. Rishi Sunak’s second Budget yesterday set out a host of support measures including longer furlough, more help for the self-employed and a six-month extension to the reduced VAT rate for leisure and hospitality. Mike Pavitt, partner in the corporate restructuring and insolvency team at Southampton law firm Paris Smith, welcomed some of the measures but added: “For me, this Budget does not do enough to address the involuntary increase in corporate and personal debt which Covid has brought and which is a growing into a millstone against future recovery.”
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