Supporting London businesses through the COVID-19 pandemic

The London Assembly Economy Committee wrote to The Right Honourable Rishi Sunak MP, Chancellor of the Exchequer to share findings and recommendations arising from our recent investigation into the impact COVID-19 has had on businesses in London. Over the month of June 2020, the Economy Committee held an investigation into the challenges faced, and support needed by businesses in London during and after the COVID-19 pandemic.



The Economy Committee called on the Government to:

Review the current range of business support measures

1. The Government should urgently review and raise the threshold for the Retail, Hospitality, and Leisure Grants Scheme for businesses in London.
2. The Government should require banks involved in Government backed loan and grant schemes to provide in-person support to SMEs that require it.
3. The Government should review its plans to end the Coronavirus Job Retention Scheme, with a view to extend it beyond October 2020 in certain sectors, and base tapering of the scheme on the performance of the economy.
   
   
   
   Support the hospitality and tourism sectors’ recovery
   
4. The Government should review the introduction of business taxes for hospitality and tourism operators with a view to giving businesses the best chance of success.
5. The Government should review its guidance for hospitality venues, with a view to strengthening social distancing provisions.
   
   
   
   Help the cultural and creative industries rebuild
   
6. The Government should include the cultural and creative industries in the Government’s COVID-19 recovery plan.
7. The Government should establish an enhanced furlough package for the cultural and creative industries, reflecting the long-term challenges they face and the nature of their business models.