Following today’s (24 September) announcement by the Chancellor of the Exchequer regarding new measures to protect jobs and support the economy, Advertising Association Chief Executive, Stephen Woodford, made the following statement:
“Given the widespread concern that the ending of the furlough scheme would lead to a wave of redundancies, we are relieved to see the Chancellor’s announcement. It provides greater security for those whose jobs are at risk from the weakened economy and the new COVID-19 restrictions. It offers greater flexibility too, covering part-time work, so businesses can be more responsive to demand and keep people engaged in their workplaces.
“Public health and the health of the economy are interdependent and in a time of such economic uncertainty it is right that the Government intervention is bold and rapid. With this in mind, the AA has proposed an advertising tax credit as a means to stimulate the consumer spending and the wider UK economy. We also recommend Government considers business rates relief on office premises and out-of-home poster sites, to ensure that these sectors aren’t further disadvantaged by increased lockdown measures. We are entering a crucial time for the economy in transitioning from the furlough scheme to these new measures for supporting employment, and as we approach the critical Christmas trading period and the end of the Brexit transition. Targeted support now will protect jobs across the UK advertising and media landscape and further aid the fragile economic recovery.”