PAULINE LATHAM
The Chancellor has had to be creative after the most appalling year for business
“PROJECTS like this really make a difference for small firms who are wanting to change the way they operate, expand their horizons as well as strengthen the economy for all.”
These are not my words or even those of our progressive Chancellor, Rishi Sunak. They are a commendation from the chair of the Federation of Small Businesses after he heard the detail of the new £520 million Help To Grow scheme, announced in this week’s Budget.
This wasn’t a simple handout by the Government to the 130,000 companies which could benefit.
It offers practical help – such as access to the highest standard management training and the type of technology that only bigger businesses have previously been able to afford.
During the pandemic, the Chancellor has had to be one of the most creative since the Second World War and has risen to the challenge.
His Budget will help the UK get back on its feet after the most appalling year for business in most living memories.
He knows it is imperative to stimulate the jobs market
Chancellor Rishi Sunak and his Budget briefcase because long-term high unemployment could have devastating effects. Therefore, he has taken the bold step of increasing his furlough scheme until September – long after the whole of the adult population will have received their Covid vaccinations. Small businesses are the bedrock of my Mid-Derbyshire constituency and I know many owners have been worried about surviving the pandemic and been concerned whether they will be able to re-establish themselves after the return to normality.
Helping them improve management practices, through high-quality training will be a godsend because they will lead to more efficient operations and, consequently, increases in productivity.
Better technology and digital services will also be essential in helping small businesses compete.
The Chancellor also gave a significant fillip to the hospitality industry which is so important to Derbyshire.
The extension of the furlough scheme and cancellation of alcohol duties for a second year has been widely welcomed.
In addition, hospitality and leisure businesses will receive grants of up to £18,000 from April in addition to the recently announced £5 billion scheme for hospitality firms and retailers in England to help them reopen after lockdown.
It is great news that the 5% reduction rate of VAT on food and soft drinks will be extended for six months.
I also welcome the announcement of the East Midlands Freeport, which will give myriad incentives for businesses in the region.
This is expected to support the creation of 60,000 jobs in the region, which is fantastic news.
I have to admit that even MPs were saying “Rishi Who?” when he was first given the Chancellor’s role in February last year but he has proved himself up to the task during a time when other less capable politicians could have crumbled.
There is no doubt that he has been the right person for the job during this critical period and has kept many thousands of people in work thanks to his sharp and creative mind.
He is dedicated to ensuring that our economy will be stronger than ever over the forthcoming years.
However, we should not forget those who have lost their jobs and businesses during the pandemic.
I hope with all my heart that they can get themselves back on their feet and am sure that the package announced in the Budget will provide the platform for them to do so.
He has proved himself up to the task during a time when other less capable politicians could have crumbled.