Who seems to be benefiting most from Government help during the coronavirus pandemic? As ever it seems that SMEs are once again at the back of the cue in terms to successfully getting getting assistance. Tesco has just had one of its best trading moths ever and has announced a £635million dividend for shareholders but at the same time is seeking a massive £538 million of business rates tax relief.
Only 1,000 SMEs out of the 6million UK SMEs (https://www.icaew.com/insights/viewpoints-on-the-news/2020/apr-2020/covid-19-chancellor-overhauls-business-loan-measures) Meanwhile MacDonald’s who made £405million profit in the Uk in 2019 have furloughed many of their staff using tax payers money and not making up the 20% shortfall for its staff.
After three weeks of not working people thoughts are turning to what comes next, who is going to pay for the loans and huge debts as governments print cash. Will this result in higher taxes and or higher inflation? Unfortunately SMEs who account for over 50% of the turnover private i.e. no public sector are fighting to survive AGAIN!
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