CBM welcomes Treasury support but warns against ‘no deal’ Brexit

Representing over 200 companies, The Confederation of British Metalforming (CBM) has welcomed chancellor Rishi Sunak’s Job Support Scheme (JSS), an extension of Business Support Loans and VAT deferrals.

Industry welcomes Jobs Support Scheme

According to its latest survey, 90 per cent of its members had accessed the furlough scheme and 65 per cent would change their mind on future redundancies if further assistance were in place.

In the report 88 per cent of firms said volumes had been hit by the pandemic and four fifths predict their future sales forecast as below average. Ninety per cent of companies believe a stimulus package for certain sectors is needed for the economy to recover to pre-Covid19 levels.

In a statement, Geraldine Bolton, CEO of Confederation of British Metalforming, said: “A lot of our members are heavily involved in the automotive and aerospace sectors and these are two of the worst affected industries due to factory closures and the air travel falling off a cliff.