Good that struggles of business were recognised in Budget
I WAS delighted with many measures announced in the Budget, despite being disappointed that Doncaster Sheffield Airport was not awarded Freeport status. The Chancellor provided a series of measures to help the economy recover from this terrible pandemic and help level up the north of England.
I know that across Don Valley, the extension of the furlough scheme, further support for the self-employed, and the extension of the Universal Credit uplift for an additional six months will help families and businesses across the country. Having spoken to hundreds of constituents and stakeholders, I know how much business has suffered. It is clear the Government recognises this, and I was reassured the Budget confirmed the extension of the businesses rate holiday for another year. This will save a vast £6bn for our many great entrepreneurs and business owners.
Furthermore, keeping VAT rates at five per cent until September for the hospitality and tourism sectors will help reinvigorate these industries as we come out of lockdown in the months ahead.
While the Chancellor has rightly recognised the need to plug the hold in spending in the short term, this will not affect small businesses, and I was pleased that the rise in corporation tax to 25 per cent will only be applied to the top 10 per cent of businesses which have profits of £250,000 plus. This is a proportionate, fiscally responsible measure. Lastly, it was fantastic that the Chancellor announced measures to help level up the North. The ‘superdeduction’ is another innovative, invigorating initiative that will supercharge infrastructure projects across the country. Equally, the Levelling Up Fund will go a long way in bringing prosperity and jobs to the North.
From: Patrick Erwin, Policy and Markets Director, Northern Powergrid, Castleford.
THE Budget was squarely focused on economic uplift. A huge part of that is the development of the clean energy industry at a rapid pace and the clear leadership role our region is taking.
Teesside was singled out as a hub for offshore wind, a new UK Infrastructure Investment Bank based in Leeds will support the green recovery and Able Marine Energy Park on Humberside looks set for a boost. As the local electricity network, we stand ready for collaboration with all partners to ensure this region has a bright green future.