New Survey Warns Against Moves to Shut Down Financial Support Schemes

The SNP has warned the Treasury against prematurely shutting down financial support schemes, after a new survey painted a bleak picture of the economic hit to key sectors and warnings that a “tsunami of jobs would disappear overnight.”

Findings from the Scottish Chambers of Commerce revealed that manufacturing, tourism, and retail and wholesale were some of the worst hit sectors in business confidence due to the coronavirus crisis – with a staggering 95% of tourism firms reporting a fall in business confidence.

Tim Allan, president of the Scottish Chambers of Commerce, stated that a “sudden end to these vital financial support measures would not be welcome by anyone and a tsunami of jobs would disappear overnight.”

Earlier it was reported that over 10,000 jobs could be lost in the coming days alone as the economic hit of the crisis is felt by firms.

Commenting, SNP Shadow Chancellor Alison Thewliss MP (pictured) said:

“The findings from the Scottish Chambers of Commerce paints a bleak picture of the deep economic hit to key sectors across Scotland – once again highlighting the need for strengthened financial support measures to help businesses and industries survive this crisis.

“It is critical that rather than looking to shut down support schemes and putting increased financial pressure on firms already struggling to get by, the Treasury must extend and strengthen support to protect businesses and jobs.

“With growing warnings of a ‘tsunami’ of jobs being lost, it is vital that this unprecedented challenge is met by an unprecedented economic response that only the UK government has the power to deliver.

“The SNP has repeatedly called on the UK government to devolve financial powers to the Scottish Parliament so it can take steps to secure a strong recovery for Scotland.

“The Chancellor must also move to fix gaps in support to prevent people falling through the cracks, and bring forward a comprehensive package of investment to secure a strong recovery – including maintaining the furlough scheme for as long as it is needed across the devolved nations.”