As 80 firms close and thousands of jobs are lost Derry Chamber chief Redmond McFadden warns of COVID-19 ‘decimation’

Around 80 businesses in the North West have already been forced to close due to the crisis.

Finance Minister Conor Murphy’s announcement of a deferral of domestic rates bills between April and June does not go far enough, said Mr. McFadden.

“A three-months rates holiday for businesses here is welcome but we need much, much more from the Executive to keep our regional economy afloat.

“We’ve also had next to no clarity on how businesses can continue to support staff who are sick or need to self-isolate. Given our proximity to the border and the importance of cross-border trade and travel for our members, having two sets of guidance and advice for people in Donegal and in Derry no longer seems sustainable. We need greater alignment between the two sides of our border to ensure clear messaging and advice for businesses and families.”

The Chamber President said dozens of firms in the North West have already been forced to close and countless jobs have been lost.

“We know of around 80 businesses already in the North West who have had to close their doors, and thousands of jobs have been lost. Retail and hospitality businesses are at particular risk, and households and livelihoods across the region are likely to be wiped out if they don’t immediately receive the help they desperately need.”

He urged the governments in Belfast and London to do more.

“Now is the time for the Executive and the UK Government to show decisive leadership and provide imaginative and creative solutions which will save our businesses. We need government to take the lead, help businesses keep people in work, and allay our fears. We don’t need loans – we need lifelines.”