Trade’s cautious welcome for coronavirus Budget

New chancellor Rishi Sunak delivered his first Budget last week, in which he announced a temporary abolition of business rates, greater access to loans and grants, and sick pay refunds for companies whose employees have to self-isolate.

Deben Travel’s Lee Hunt said: “Thank the Lord for some good news – I’ve been hoping for a review of business rates for a long time. I only expected a reduction, so the fact they will be stopped [temporarily] is really good. It will make a massive difference to our business.”

Gary Lewis, chief executive of The Travel Network Group, said the announcement of the Coronavirus Business Interruption Loan Scheme was a “huge” signal of support.

“However, ensuring the right money is going to the right businesses as quickly as possible is paramount, and could very easily be a challenge too far for many businesses starved of cash,” he said. “While the temporary relief of business rates is welcomed, the need for this measure has been evident for years.”