Labour urges Sunak to extend Covid support for businesses

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Shadow business minister says firms face £50bn blow if support is withdrawn in April

Labour has called on the chancellor to extend the government’s emergency support for hard-pressed companies after warning that businesses face a £50bn hit in April when financial help is withdrawn.

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With the budget less than a month away, the opposition called on Rishi Sunak to announce a six-month extension of the business rates holiday for retail, hospitality and leisure and to continue the temporary cut in VAT to 5% for the same three sectors of the economy.

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