Finance Minister, Conor Murphy has commented on the Chancellor’s Winter Economy Plan.
Providing his initial reaction to the statement, Conor Murphy said: “I welcome the fact that a job support scheme has been introduced to replace furlough. However, I still have concerns and will seek clarity in relation to the scheme when I speak to the Chief Secretary to the Treasury later today.
“Many businesses have taken on substantial debt during the COVID pandemic. I have been calling for reasonable repayment arrangements and welcome the additional time provided to repay these loans.
“The extension of the 5% VAT rate for hospitality and tourism is also welcome given how badly impacted these sectors continue to be.”
The Finance Minister will later today speak with the Chief Secretary to the Treasury and will raise the cancellation of the Autumn Budget, he added: “I intend to raise with Steve Barclay my significant concern about the decision to cancel the Autumn Budget. This will make it more difficult for the Executive to develop its spending plans.”
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