Andrew Rosindell M.P. has welcomed the Spring Budget for providing “unprecedented economic support to get the country through the final stages of this pandemic”, but says that the key to economic recovery will be a “great, British summer.”
The Budget, delivered to the House of Commons by the Chancellor of the Exchequer, The Rt. Hon. Rishi Sunak M.P, among other measures announced:
1. An extension of the Coronavirus Job Retention Scheme until the end of September, ensuring it continues to support employers as they begin to reopen. Two further grants will also be available to self-employed people – and the newly self-employed will also be eligible for both grants.
2. A continuation of the temporary Universal Credit uplift for a further six months. The Budget also confirms new support for providing young people with new skills: including doubling the incentive payment to SMEs to take on apprentices of any age to £3,000, and £126 million to triple the number of traineeships next year.
3. New Recovery Loans and a new Restart grant of up to £18,000 to help businesses as they reopen. Support for the sports, arts and culture sectors will also be increased by a further £700 million as they begin to reopen.
4. Extending the business rates holiday, VAT cut and stamp duty holiday. There will also be a new mortgage guarantee scheme from April which backs 95 per cent mortgages – helping those with smaller deposits.
5. A new Help to Grow scheme to boost productivity of small businesses, to ensure they are embracing the latest technology and management training.
Andrew Rosindell M.P. said:
“The Budget outlined today will provide economic security to thousands in my constituency, who have relied on Government support as businesses have been forced to temporarily close by the coronavirus restrictions.
It is right that, as restrictions will continue in some form until 21st June, the Government continues to provide unprecedented economic support to get the country through the final stages of the pandemic.
Our economic future will ultimately depend on ending lockdown and restrictions once and for all. Given the mounting evidence that the vaccine causes significant drops in deaths, hospitalisations and transmission, the Government must make clear that the 21st of June is not the earliest that restrictions will be lifted, but the latest.
A great, British summer will do more good for businesses in Romford and across the country than any measure the Chancellor could announce.”
Chancellor of the Exchequer, Rishi Sunak M.P. said:
“Throughout this pandemic, my top priority has been to protect jobs, businesses and livelihoods. Today’s Budget reaffirms this commitment, with £407 billion to support the British people this year and next as one of the largest, most comprehensive and sustained responses this country has ever seen.
It is thanks to successive Conservative governments that we have been able to respond to this crisis as boldly as we have. But we need to be honest about the challenges facing our public finances, and how we will begin to fix them.
As we look ahead, this Budget lays the foundations of our future economy – driving up productivity, creating green jobs, supporting small businesses, and levelling up across the entire United Kingdom”.