New Government support package should tide over Suffolk businesses through Omicron impacts
Suffolk Chamber of Commerce say the funding is adequate as long as there aren't any new restrictions
The new £700m support package announced by the UK Government to help businesses affected by the Omicron variant of Covid-19 will help Suffolk firms manage reduced demand and staff absences, according to the county's Chamber of Commerce.
Andy Walker is their head of policy and research. "The government funding is probably enough for now. The businesses that we've been speaking to are lacking clear information of where they can go to get it and how much is available.
"It is sufficient for now, unless we see cases spread even further and more restrictions come in."
He says the impacts of this highly infectious strain of Coronavirus is being keenly felt in certain industries.
"It's more the hospitality and retail sectors where we're seeing staff off work, and in health care as well. This means they might have to reduce operations or close business if they can't access the right number of staff to serve customers. Perhaps, opening hours might be reduced."
The situation for local businesses is also complicated by high rates of inflation predicted for this year. A survey carried out by the chamber found that three-quarters of respondents reported that inflation was their current biggest business worry.
"Raw materials prices are increasing. Energy bills are rising and in general, the cost of doing business keeps going up. With this inflation, you might have to start paying staff more, the products you buy are going to cost more and therefore you might have to increase the costs on your products as well.
"So, in general that could impact on turnover, profits and the attractiveness of running many businesses."