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FSB welcomes support for firms affected by riots

Date Added: 16/08/2011  

The coalition government has announced a range of measures in order to provide support for those companies affected by the recent riots all over the UK.

Major cities such as London, Manchester and Birmingham were targeted and many small companies have found their properties have been damaged and their stock stolen.

Business rates payments will be temporarily suspended for those organisations affected by the civil unrest this month and the Federation of Small Businesses (FSB) - which has more than 200,000 members - has been quick to welcome to step by the coalition government.

National chairman of the body John Walker explained companies are still "reeling" from the scale of the damage done during the riots, which were sparked by the controversial death of Mark Duggan.

"[The] government is stepping up and supporting small firms at this time and we are glad to see that insurance deadlines and the Time to Pay scheme have both been extended - sensible measures that we had been saying were absolutely crucial," he commented.

Mr Walker also called for people to do as much as they can to support small businesses in their local area, by using their goods and services rather than major corporations.

The FSB national chairman also said an announcement from the coalition government that it will be providing help and support for those affected companies that do not have insurance is to be welcomed.

Earlier in the month, the organisation stated that the Bank of England's Monetary Policy Committee needs to hold interest rates at a record low of 0.5 per cent for the foreseeable future in order to support those small businesses struggling due to the recession.

Mr Walker claimed if a rate rise is imposed in the coming months, companies will be forced to delay any plans to employ more staff and expand until the economy is in a more stable and secure position.

Posted by Miles Pritchard 

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