Last week the Chancellor delivered his Budget. And, I'm pleased to say it was good news for our local businesses, who have struggled through no fault of their own during this pandemic and who will be crucial to our economic recovery. Key measures included an extension to furlough to the end of September, two further grants for the self-employed and an extension to eligibility criteria to include those with 2019/20 tax returns, and new grants and loans for businesses who have had to close their doors under the current restrictions – all issues that had been raised with me by local businesses in the last few weeks, and have now been addressed.
Rebooting our local economy in Sevenoaks is of the upmost importance. Following the Chancellor’s statement, I spoke in the House of Commons about our local businesses, to whom the measures offer a lifeline, such as Jenny Pollard, a self-employed beautician whose first year of trading was 2019-20. The announcements last week mean she can now access full support for the first time. The Royal Oak pub, Marco’s and the Danish Collection are all brilliant local businesses whose trading has been affected – they will now receive much needed support through Restart Grants. Under the scheme, non-essential retail businesses will get up to £6,000 per premise to help them reopen and start trading safely. Hospitality, accommodation, leisure, personal care and gym businesses in England – which will open later under the roadmap or will be more impacted by restrictions when they do open – will get up to £18,000 per premise. This is a fantastic measure and one that will make all the difference for our much-loved high street and small businesses across the constituency.
Now, we must be realistic. This comprehensive and welcome package of support does come at a cost, and it is right the Government are honest with the British people about that. However, the Chancellor set out a clear plan for how we are going to start to pay for this support and I particularly welcome the protection to shelter the smallest companies from the corporation tax rise.
While, the OBR has been clear that Government interventions have led to 1.8 million fewer people being out of work, it is businesses that create jobs and it is businesses that support employment – and I want Sevenoaks to be at the heart of this economic recovery. Last week was the start of a path to achieving that.
