Member of Parliament for Clwyd South, Simon Baynes MP, has welcomed today’s Spring Budget announcement by the Chancellor of the Exchequer, Rishi Sunak MP, which provides billions of pounds to support businesses and families through the pandemic and invests in North Wales.
At the heart of the UK Government’s Budget are measures to build the UK’s future economy, levelling up across all regions of the United Kingdom and spreading opportunity everywhere.
As part of the UK Government’s commitments to fund the nation’s priorities, the Budget confirmed:
1. 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 also be available to self-employed people – and the newly self-employed will also be eligible for both grants.
2. A continuation of the temporary Universal Credit uplift for a further six months.
3. 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.
4. 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.
5. Opening up the new Levelling Up Fund for its first round of bids, worth £4.8 billion across the United Kingdom. The Budget also announces 45 new Town Deals to help spread opportunity across the country.
6. A new Help to Grow scheme to boost productivity of small businesses, to ensure they are embracing the latest technology and management training.
7. Being honest with the British people about the need to fix the public finances. Conservatives are standing by their manifesto pledge not to increase Income Tax, NICs or VAT and 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.
8. The Budget will strengthen all four parts of the United Kingdom, with bespoke schemes for each nation confirmed additional funding for Scotland (£1.2 billion), Wales (£740 million), and Northern Ireland (£410 million).
Barbara Hughes, Welsh Conservative Senedd Candidate for Clwyd South:
“Throughout this pandemic, the UK Conservative Government’s top priority has rightly been to protect jobs, businesses and livelihoods. Today’s Budget reaffirms this commitment, with £407 billion to support people across the United Kingdom this year and next as one of the largest, most comprehensive and sustained responses this country has ever seen. This is very good news for Clwyd South.
“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 for our communities here in Clwyd South and across the rest of Wales.”
Commenting, Simon Baynes MP said:
“Today’s Budget provides businesses and families in Clwyd South with the support and reassurance they need to get through the pandemic.
“With £407 billion of support for families, jobs and businesses, it is right that the Chancellor is honest with the British people about our public finances.
“At the same time, I was elected in Clwyd South on a commitment to level up communities like ours, and I am thrilled that this UK Conservative Government is now making good on that promise – by building our future economy and investing in every corner of the United Kingdom.”