PracticeConsultingICAEW calls for rural business fund

ICAEW calls for rural business fund

The Institute of Chartered Accountants has called on the government to set up a 'means-tested hardship fund' for businesses affected by the foot-and-mouth outbreak.

This following a nationwide survey of over 1,000 chartered accountants.

John Collier, general secretary of the ICAEW, said a means-tested foot-and-mouth hardship fund would enable companies which have been hit hard to keep business afloat both in the midst of the crisis and in the longer term.

While recognising measures the government had already introduced to assist farmers affected by the epidemic, Collier said a further range of financial assistance was required to help businesses survive.

According to the survey, the highest proportion of respondents supported the provision of a one-off subsidy of 10% of turnover to help businesses survive the immediate impact of the disease, and also favoured a government contribution to loan/overdraft interest payments for a specific period.

Earlier this month, an Accountancy Age/Reed Accountancy Personnel Big Question survey revealed foot-and-mouth was effecting one-fifth of all UK companies. Costs to the UK tourism industry alone have been estimated at Pounds 250m a week.

Links

Foot-and-mouth’s domino effect

Rural business urged to talk to banks

Foot and mouth loan scheme widened

Foot-and-mouth hits a fifth of companies

ICAEW website

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer