Lockdown 3: More support for the high street needed
As Chancellor Rishi Sunak announces a new package of measures to support retail and hospitality through yet another lockdown, Dr Gordon Fletcher, retail expert from the University of Salford Business School, says longer term support is required.
Dr Fletcher said: “The maths is not great for this new offer of support from the Chancellor. The majority of the £4.6bn in support goes to the retail, hospitality and leisure sector across the country as an offer of up to £9,000 for each property. With the restriction due to last for at least six weeks that works out at £1,500 per week. Enough to cover the most immediate basics.
“After 10 months of restrictions there is a real need to not just keep the lights on but to actively support businesses in these sectors to thoroughly "pivot" and shift their business models. These sectors can become more robust to social-distancing and lockdowns restrictions but although the impetus to innovate may be present there is also a need for investment to support this change.”
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