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Advertising Association Responds to Announcement from Chancellor

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Chief executive Stephen Woodford comments on replacement furlough scheme and reinforces his advertising tax credit proposal

Advertising Association Responds to Announcement from Chancellor

The UK's Advertising Association has responded to the latest measures announced by chancellor Rishi Sunak. As the UK experiences an uptick in Covid-19 cases, the chancellor has put together a package to steer the UK's economy through winter months and through peak flu season. The measures include a replacement for the furlough scheme - due to expire in October - which will see workers on reduced hours having their wages subsidised and 'pay as you grow' loans for businesses.

Advertising Association chief executive, Stephen Woodford, commented: “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."

Stephen continued: “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.”

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Advertising Association, Thu, 24 Sep 2020 15:41:57 GMT