Rolling coverage of the latest economic and financial news as England and Scotland enter tough Covid restrictions

7.55am GMT

CBI director general Tony Danker also told the BBC that he expects that the Treasury, and the business department “will come out in the next few days” with support for businesses.

But it looks like today may be the day.

Cabinet minister Michael Gove tells #BBCBreakfast the Chancellor will make announcement about additional financial support later today. ⁰

7.50am GMT

The head of the CBI business lobby group, Tony Danker, says the government cannot wait until the March budget to roll out extra support for businesses impacted by fresh Covid restrictions:

We’ve seen lockdowns before, we know the impact they have, and so I’m afraid more comprehensive restrictions do require a more comprehensive economic response.

The second is probably plugging the gaps that are now further exposed again learning lessons from last year. The thing we learnt, most of all, in terms of gaps was probably the role of supply chains. You close hospitality, you also have a big knock on effect on food and drink manufacturers. You close airports and aviation, and tens of thousands of of people in the supply chain [are] affected.

And I think the third thing is underwriting support for the duration, so that firms stay the course rather than acting precipitously.

I don’t think we can wait until the budget in March to review support. Business will take a view sooner, and so I think we need to respond very soon, and not wait for the budget.

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