More than half of Cork businesses laying off staff and reducing hours

More than half of Cork businesses are reporting staff reductions, layoffs and reduced working hours due to Covid-19 pandemic.

A survey conducted by Cork Chamber of its members found that 70% of businesses were expecting reductions in their revenue or cashflow.

In terms of supports, there is strong approval for the swift action from Government in their immediate response, with 78% of respondents adding support to maintain these measures, with feedback from business highlighting the need for the robustness to match the situation as it evolves.

There is also strong support at 75% for the deferral of VAT and payroll tax, followed by strong support for the moratorium on commercial rates.

“Employment must be protected and Government movement on this is welcome," Cork Chamber Chief Executive Conor Healy said.

Mr Healy said that short-term supports were welcome but in the medium term, the economy needs to be stimulated via capital investment.

We must keep the National Development Plan projects moving forward to ensure the construction sector remains ready for the challenges of housing and infrastructural delivery when the economy recovers," he said.

"We cannot afford to let this sector falter in equivalent to the last downturn or we will compound societal and economic issues all the more.”

[snippet1]987600[/snippet1]