Local MP welcomes help for people and businesses in Aylesbury

Business and Economy, Democracy and Local Affairs, Homepage

Aylesbury MP Rob Butler has welcomed the Budget announced by the Chancellor of the Exchequer, Rishi Sunak this afternoon.

Rob said:
“This is an excellent budget with continued support for individuals, families & businesses throughout the coronavirus crisis, an honest and sensible approach to tackling the rising national debt, and bold, imaginative initiatives for our economic recovery.

“The extension of furlough, of the self-employed income support scheme and of the uplift to Universal Credit will ensure people throughout the Aylesbury constituency get the financial assistance they need as we continue along the roadmap out of restrictions and start to return to normal life.

“I’m especially pleased to see the help provided to small businesses and the hospitality sector, both of which are crucially important in Buckinghamshire. I’m very grateful to the Chancellor for listening to the representations made to him by me and my colleagues ahead of the budget, not just about what’s needed now, but also what will help us build back better in Bucks and throughout the entire United Kingdom in the years to come.”

Key measures in the Budget included:
SUPPORTING PEOPLE AND BUSINESSES THROUGH THIS CRISIS

• Extending furlough until the end of September
• Two further grants for the self-employed – and bringing in 19/20 starters
• Restart grants of up to £18,000 to get our retail, hospitality, leisure and personal care businesses going again
• Business rates holiday extended for three months, before tapering for another nine
• Extending the VAT cut to 5 per cent for a further six months, before tapering for another six
• Continuing our stamp duty cut for another three months, before tapering for another three

• Extending Universal Credit and Working Tax Credits by six months
• More money for apprenticeships and traineeships
• New Recovery Loans to replace our existing loan schemes
• £700 million for arts, culture and sports
• A brand new 95 per cent mortgage guarantee for prospective homebuyers

 

BEGINNING TO FIX THE PUBLIC FINANCES

• Asking the largest, most profitable firms to pay more in two years’ time by increasing corporation tax to 25 per cent – while still being the lowest in the G7, and the fifth lowest in the G20
• But ALSO an unprecedented Super Deduction on capital investment for companies – a£25 billion tax cut
• Maintaining personal tax allowances at their current levels from April 2023 until 2026
• Keeping inheritance, capital gains and pensions lifetime allowances & the VAT threshold at current levels
• Keeping our manifesto pledge with NO increases to income tax, National Insurance or VAT
• Freezing alcohol duty and fuel duty

 

BUILDING OUR FUTURE ECONOMY

• Launching our £150 million Community Ownership Fund
• Launching the first ever UK Infrastructure Bank to invest in infrastructure and drive green growth
• Opening bidding for the Levelling Up Fund (with capacity funding) and the UK Community Renewal Fund
• Help to Grow to boost the productivity of our small businesses
• Visa reforms to attract highly-skilled migrants to the UK
• Green initiatives: a new retail bond, offshore wind funding, and new carbon markets
• Future Fund Breakthrough to fund high growth companies, and ambitious reforms to IPO listings