FSB applauds MP backing of extra support for sole traders

The plaudits from the FSB follow the latest update of the Economic Impact of Coronavirus inquiry from the Treasury Select Committee.

FSB national chairman Mike Cherry said it was good to see politicians of all stripes highlighting its Directors Income Support Scheme (DISS) proposal today as designed by leaders in the accounting field.

“Directors and the newly self-employed have suffered a torrid 11 months. The Treasury Committee has rightly and tirelessly made the case for them,” Mr Cherry said.

“The government urgently needs to come forward with a road map to recovery and interventions to help those unable to access business support. Action before a pro-business budget next month would mark a real statement of intent.”

Mr Cherry said the government should use the upcoming budget to install new measures to help all those within the business community who are overlooked, including thousands of suppliers that sell to retail, leisure and hospitality businesses but cannot access the rates relief or cash grants designed for these industries.

“Building support initiatives according to assessment of lost revenue, rather than property or sector, marks the way forward,” he said.

“Last year saw the biggest drop in UK GDP in modern history. We now need the most pro-business budget in modern history to overcome the damage done.

“The government’s plan for jobs will only succeed with the right plan for the small business owners, sole traders and directors who will spur our recovery.”