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Stephen Metcalfe MP Welcomes the 2021 Spring Budget

05 Mar Stephen Metcalfe MP Welcomes the 2021 Spring Budget

Stephen Metcalfe MP has welcomed the 2021 Budget which will protect jobs, livelihoods and support South Basildon & East Thurrock’s recovery from the coronavirus pandemic.

Yesterday (March 3rd), the Government set out an ambitious plan that focuses on supporting people and businesses through this moment of crisis – well beyond the end of the roadmap – to ensure they have the security and stability they need.

As part of the Government’s commitments to fund the nation’s priorities, the Budget confirmed:

An extension to 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 also be available to self-employed people – and the newly self-employed will also be eligible for both grants.

A continuation of the temporary Universal Credit uplift for a further six months.

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.

Extending 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.

Opening up the new Levelling Up Fund for its first round of bids, worth £4.8 billion across the United Kingdom.

Announcing the locations of eight freeports in England, will encourage free trade and bring investment to all regions of the country through lower taxes and cheaper customs.

Launching the first ever UK Infrastructure Bank to invest in public and private projects to drive green growth and create green jobs.

A new Help to Grow scheme to boost productivity of small businesses, to ensure they are embracing the latest technology and management training.

Being honest with the British people about the need to fix the public finances. We are standing by our manifesto pledge not to increase Income Tax, NICs or VAT and we are freezing alcohol duty, and fuel duty for the 11th year in a row. However to fix the public finances, corporation tax on large company profits will increase to 25 per cent in 2023. This will be tapered and 70 per cent of businesses will be completely unaffected.