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You are at:Home»Finance»Jason Oakley, CEO of Recognise Bank, comments on this weeks budget.
Jason Oakley

Jason Oakley, CEO of Recognise Bank, comments on this weeks budget.

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Posted By sme-admin on March 5, 2021 Finance, News

Jason Oakley, CEO of Recognise Bank, Britain’s newest SME Bank, comments on the extension of the furlough scheme and the extension of the VAT cut to 5% and then 12.5% announced in this weeks budget:

“This is great news for firms that have already weathered a tough 12 months under COVID-19 restrictions. One in four small businesses wanted the Chancellor to extend the furlough scheme in today’s Budget, while nearly half of hospitality firms said they wanted the reduced 5% VAT rate to continue. “Britain’s growing businesses are a tough and confident bunch, and the bosses I talk to say they are looking forward to things opening up in the spring and getting back to business. But many have been hit hard by restrictions and lockdown, with almost half of all small hospitality companies telling us they wanted the furlough scheme to continue beyond the spring.

 “This news will help them over the final few months until they can start trading fully again and help the UK economy back on the road to recovery.”

 Recognise Bank asked 500 SMEs for their Budget wish list and the full research can be found here.

  • 24% of all businesses wanted an extension to the furlough scheme, rising to 31% of retail firms and 47% of hospitality businesses
  • 26% of all firms wanted the 5% reduced rate of VAT for the hospitality sector to be extended, rising to 45% of businesses in the hospitality industry

Recognise Bank was formed to provide financial services to the UK Small and Medium Enterprises sector and the retail and business savings markets. It will target an underserved but growing SME segment offering a relationship-led, digitally enabled proposition.

The bank’s efficient technology-driven operating base, partners with leading fintech platforms to create a market leading SME service using the best-in-class technology. Recognise has a strong independent Board and an executive team with over 280 years’ experience of banking. In five years’, time it aims to reach 54,000 depositors and 5,100 borrowers. Recognise is a subsidiary of the City of London Group.

Click here for further information on Recognise. Follow us on our LinkedIn by clicking here.

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