UK BGC WELCOMES CHANCELLOR’S LIFELINE FOR HIGH STREET AND HOSPITALITY BUSINESSES
Betting and Gaming Council welcomes Chancellor’s lifeline for top avenue and hospitality companies
Requirements physique the Betting and Gaming Council (BGC), which represents the UK’s betting and gaming business together with betting retailers and casinos, has welcomed the Chancellor’s choice to increase the furlough scheme till September, lengthen enterprise charges aid and introduce grants for onerous pressed excessive avenue companies and hospitality.
These steps will assist to assist the 44,000 individuals who work within the retail betting retailers and land-based casinos.
For the reason that begin of the 12 months, all betting retailers and casinos have been required to shut with out the power to generate any income. The BGC stated that even with partial rest of restrictions – not anticipated till 12 April on the earliest for betting retailers and 17 Might for casinos – many retail, leisure and hospitality companies would have struggled with out extra longer-term assist from the Authorities. The BGC pressed the Authorities to soundly reopen companies as rapidly as doable, information allowing.
The BGC stated the added flexibility offered by extending furlough to September will assist companies get again up and operating while retaining management over their largest value, which is staffing.
The choice to increase enterprise charges aid will take away a significant monetary stress on companies which have suffered a major lack of revenue in the course of the pandemic.
BGC members in 2020 paid almost £4 billion in taxes, contributed £350 million to horse racing and £120 million to the UK tourism business by way of worldwide guests and their spend.
Michael Dugher, BGC chief government stated: “The extension of the furlough scheme and new grants for companies are strongly welcomed by the tens of hundreds of people that work in excessive avenue betting retailers and land-based casinos. With out the continued assist from the Chancellor, many of those companies would have struggled to outlive.
“We have now already seen over 5,000 jobs misplaced and 375 companies closed because the begin of final 12 months.
“The choice to increase the enterprise charges aid will likely be welcomed by lots of our member firms who haven’t been in a position to open correctly for almost a 12 months now.
“Our business will proceed to play it’s half within the nationwide effort to fight covid, supporting our native communities, and we look ahead to contributing to the financial restoration”.