Help the High Street scheme needed this Christmas
Following the success of the Eat Out to Help Out scheme politicians are calling for a similar scheme for retail outlets.
Last updated 31st Aug 2020
DUP East Londonderry MP Gregory Campbell has written to the Chancellor of the Exchequer Rishi Sunak MP asking him to consider a Help the High Street scheme in the run up to Christmas.
It is following the success of the Government funded Eat Out To Help Out scheme which ends today (Monday).
The incentive offered customers up to 50% a meal, up to ten pounds per person, Monday to Wednesday during the week.
Restaurant owners have said it brought customers back following the outbreak of the Coronavirus pandemic.
Alex Huston is the manager of Oliver’s Restaurant in Ballyhackamore, he said the business hadn’t seen numbers like it since Christmas, he said:
“Everyone loves a discount and the 50% off offer that the Government gave was incredibly generous.
“It was an offer for both the customer and the business, it brought a lot of people in.
“It brough in numbers we had not seen except at Christmas time with our social distancing measures.”
Michael Deane is the owner of Deane’s restaurants across Belfast, he also said the scheme has been a huge success, but the Government now needs to encourage people to visit the City Centre, he said:
“Christmas will be a different Christmas ahead; we have done our homework, there’s been a bit of a saving in rates which Stormont has handed down to us which has been good.
“It’s been a good cut in the VAT so if we can find the balance between the workload, looking after jobs, looking after the people and trying to get the people back into the City Centre.”
According to Mr Campbell £170 billion pounds is ‘languishing’ in 0% interest rate personal accounts.
He is proposing the British Government pressurise banks and building societies to offer customers a 1% interest rate coupon which could then be redeemed at retail outlets, but couldn’t be used online, he said:
“I have written to the Chancellor of the Exchequer calling on him to hold discussions with the banks and other financial institutions with a view to offering a boost to the High Street at an absolutely critical time.
“Even in a time of extremely low interest rates, if banks and building societies were to offer to their customers a one off “1% interest rate coupon” on these accounts, which was only redeemable at retail outlets rather than online traders, this would provide an up to £1.7 billion boost to the High Street.
“If banks and building societies were to offer to their customers a one off “1% interest rate coupon” on these accounts, which was only redeemable at retail outlets rather than online traders, this would provide an up to £1.7 billion boost to the High Street
“It wouldn't cost the taxpayer a penny."
“Such a scheme would provide a welcome boost to the spending habits of many consumers.
He added: “I have been in touch with locally based banks and with representative bodies of retailers who have expressed support for such a scheme being explored.
“The Chancellor needs to persuade the financial institutions to make a move like this which would be in line with their social responsibilities and to do it in time for the upcoming Christmas season.
“The public will join the pressure on institutions that were bailed out by the public purse in the last financial crisis and it would be a boost to the economy, the High Street and assist wider consumer confidence.
“Finally, it wouldn't cost the taxpayer a penny."