Harriett Welcomes Covid Recovery Budget
FINANCIAL SUPPORT WILL continue for thousands of local businesses and staff following the news that the Chancellor has extended the furlough scheme protecting jobs and livelihoods.
The Budget saw further measures to help smaller businesses – including those hospitality businesses which have had to shut for much of the last 12 months – with continued reduction of VAT rates and business rates.
The announcements were welcomed by Harriett Baldwin MP who praised the Government’s continued support for local people as the vaccination programme reaches more people across the county.
“The best thing we can do for an economic recovery is get vaccinated when invited. This will allow us to unlock without risking huge pressures on our NHS. The Chancellor was able to extend many of the schemes which have offered support to local people and local businesses to protect jobs and livelihoods. This is all good news and will offer many people a degree of certainty as they plan to come out of lockdown and re-open the economy. As a member of the Treasury Select Committee I have been closely scrutinising the Government’s response to the global pandemic and have pressed for improved support for some groups – like the self-employed – who may have missed out on support last summer. This wide-ranging support comes at a huge cost to the public purse and will total £352 billion across last year and this year. I support the plans to address this with a freeze in tax thresholds, an increase in Corporation Tax for the most profitable large businesses, while preserving the VAT and rates reductions for smaller businesses – especially those in the hospitality sector.
The Government is going to face significant challenges balancing the books over coming years, but I am confident that the Chancellor’s approach is fiscally responsible while offering highly valued short-term support to those who need it most.”