High Peak MP Robert Largan has welcomed the new Budget which provides billions of pounds to support local businesses and families through the pandemic, delivers on the promises made to the British people, and invests in the UK’s future economy.
On Wednesday (3 March), the Chancellor of the Exchequer, the Rt Hon Rishi Sunak MP, set out an ambitious plan that focuses on supporting people and businesses through this moment of crisis, well beyond the end of Covid restrictions, to ensure they have the security and stability they need.
At the heart of the Budget are policies to build our future economy, level up across all regions of the UK, and spread opportunity everywhere.
The High Peak has been identified as being a top priority area for funding from both the Levelling Up Fund and the UK Community Renewal Fund.
The Government has also listened to the proposals the High Peak MP has been pushing as part of the Levelling Up Taskforce, introducing a "Super Deduction" on capital investment for companies, creating a huge incentive for businesses to invest, expand and create new jobs. The analysis shows that this measure will overwhelmingly benefit the North and Midlands, with Derbyshire being one of the biggest beneficiaries.
As part of the Government’s commitments to fund the nation’s priorities, the Budget also confirmed:
• 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 be available to self-employed people. The newly self-employed will also be eligible for both grants.
• 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, with £126 million to triple the number of traineeships next year.
• 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.
• Extended 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.
• Announced 45 new Town Deals to help spread opportunity across the country.
• Revealed the locations of eight freeports in England, which will encourage free trade and bring investment to all regions of the country through lower taxes and cheaper customs.
• Launched the first-ever UK Infrastructure Bank, located in Leeds, to invest in public and private projects to drive green growth and create green jobs.
• A new Help to Grow scheme to boost the productivity of small businesses, to ensure they are embracing the latest technology and management training.
Of course, these measures have to be paid for, so some difficult decisions have also been announced to start fixing our public finances and deal with the cost of the crisis:
• Asking the largest, most profitable firms to pay more by increasing corporation tax to 25 per cent, while still being the lowest in the G7, and the fifth-lowest in the G20.
• Maintaining personal tax allowances at their current levels from April 2023 until 2026.
• Keeping inheritance, capital gains and pensions lifetime allowances, and the VAT threshold at current levels.
However, the Government is also keeping its manifesto pledge with no increases to income tax, NICs or VAT, as well as freezing alcohol duty and fuel duty.
Robert Largan MP commented:
“This Budget strikes the right balance, focused on protecting jobs by supporting people through the current crisis; while beginning to fix the public finances with a fair and honest plan; and looking to build a better future economy for the whole country, including places like the High Peak.
“I'm really pleased that the Government have taken on several of the proposals I have been pushing as part of my role on the Levelling Up Taskforce, with a big focus on helping businesses to expand and create new jobs. And I'm absolutely delighted that the High Peak has been identified as one of the top priority areas for the Levelling Up Fund and that we'll receive funding to help develop a bid. This is a big opportunity to deliver badly needed investment in our local infrastructure!”
The Chancellor of the Exchequer 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”.
