The letter comes after the Newcastle, Tees Valley and Leeds-based law firm, together with project partner Recognition PR, established the Business Fellowship Forum to support business leaders during the COVID-19 pandemic.
More than 200 business leaders have been giving their views on the different business challenges during the emergency and Square One Law surveyed hundreds more to deliver a list of credible policy suggestions ahead of the chancellor’s forthcoming economic statement in July.*
Among the key suggestions are:
- Firms that receive special support from the Government should be required to maintain timely payments to their suppliers
- Enterprise Investment Scheme relief should be increased to 50% of income tax
- Introduce a temporary suspension of Capital Gains Tax
- Maintain the commitment of the Government to large infrastructure investments
- Formalise local content requirements for big Government infrastructure spending
- Push ahead with Freeports in the North East
- Re-introduce enterprise zones, which in the past resulted in the development of The Metrocentre, Doxford International Business Park and Newcastle Business Park
Ian Gilthorpe, senior partner at Square One Law, said: “Our unique relationship with hundreds of businesses, through our executive fellowship initiative and of COVID-19 business response support group, has given us real insight into the needs of business at this critical time in the economic life of Britain.
“Interestingly, we are talking to a wide range of size and sector businesses and we had a great many excellent ideas which we have distilled down into fourteen key measures.
“When people talk about managing the ‘second wave’ of the pandemic, they should really be examining measures to tackle the massive economic danger we will face without further speedy and innovative Government action.
“The ideas we have sent to the chancellor are practical measures that would help businesses to generate the cash they need to survive, stimulate the economy by returning to the ‘levelling up’ agenda, and provide tax incentives for investment to continue at the pace and scale needed for a lasting recovery.”