Chancellor's statement receives cautious welcome from businesses

Business leaders have cautiously welcomed chancellor Rishi Sunak's 'mini budget', in which he announced a string of support measures to help businesses recover from the the coronavirus pandemic.

Measures included bonuses for company's that retain furloughed employees a new scheme designed to encourage companies of all sizes to recruit 16-to-24-year olds. Hospitality businesses will also benefit from a cut in VAT rates, down to 5 per cent.

However, while these announcements should help in the short-term, Frank McKenna, the Downtown in Business chief executive, was of the commentators questioning whether this would make a meaningful long-term impact.