I’m very pleased to see the steps the Chancellor has announced to support employees and businesses – and especially the help to protect the tourism sector which is so important here in Fylde.
I lobbied the Chancellor for more help for our restaurants, hotels, cafes and pubs and the continuation of a 5 per cent VAT rate until the end of September, with a gradual increase back to normal levels along with business restart grants will, I am sure, be a real help.
Hospitality firms and gyms will also be eligible for up to £18,000 to help them get back open as we emerge from lockdown, and retailers can get up to £6,000.
The extension of furlough will help keep people in jobs until businesses can fully reopen, and I am pleased to see it has helped keep unemployment at 6.5 percent, rather than the predicted 11 per cent rate; a further 600,000 self-employed people now become eligible for support as well.
The Chancellor’s decision to freeze Income Tax, National Insurance and VAT keeps money in our pockets, as does the cancellation of duty rises on alcohol and fuel. The continuation of the uplift to the basic rate of Universal Credit and one-off payments of £500 to eligible Working Tax Credit claimants will also help.
The new ‘super deduction’ announced by the Chancellor is most welcome, giving Fylde firms the chance to invest and reduce their tax bill by 130 per cent of the cost of their investment. This is a sure-fire way to help businesses invest and spend money in our economy, hopefully to aid growth and job creation.