Cash will last only a couple of weeks

LANDLORD Ashley McCarthy last night welcomed the Government’s injection of cash but questioned the interest payable on loans.

Mr McCarthy, 39, who runs Ye Old Sun Inn in Tadcaster, North Yorkshire, said the measures may keep his business afloat for the time being.

But he warned that even the promised cash grants of up to £25,000 would only support many businesses for a matter of ‘weeks’.

‘I would have been happier if the loans were interest-free,’ he said. ‘But I do understand the Government’s position in terms of “where is the money coming from?”

‘There are still going to be many businesses who don’t want to overstretch themselves and take on another debt that they can’t repay.

‘Even with these measures we are going to struggle. £25,000 will last us a couple of weeks then it’s gone. We spend £12,000 per month on wages. We are still unclear where we stand with staff pay and whether we should still be trading.’

Mr McCarthy, pictured, who said his business will not be covered by insurance in the event of an enforced lockdown, vowed to remain open and continue trading.

He is now offering takeaway meals for the locals who rely on the establishment as their ‘community hub’.

Tim Martin, founder of pub chain Wetherspoon, echoed concerns over loans. He said he welcomed ‘what sounds like a wholehearted attempt to help business and the country’, but added: ‘It’s very expensive and loans will have to be paid back.’