Recognising the particularly difficult backdrop to this Budget, Damian welcomes the on-going support for individuals and businesses announced by the Chancellor, as well as the focus on skills, productivity and growth sectors.
Commenting, Damian said:
“The extension to furlough, self-employed support, business grants, loans and VAT cuts brings the total fiscal support to more than £407 billion. It is absolutely right that this support continues, but the Chancellor has also been candid about the financial gap and the tough choices ahead.
“It is vital that we support jobs, growth and investment in order to help the economy recover, and I welcome the announcement on the Solent Freeport, the extra support for apprenticeships, and the extra help for home-buying that will make a difference for people here in East Hampshire.”
The proposal submitted by the Solent LEP estimates that the Solent Freeport could attract £2 billion investment and create 52,000 jobs, benefiting from tax reliefs, simplified customs procedures and planning processes that will help create hubs for global trade and innovation.
The Chancellor announced £126 million of new money to enable 40,000 more traineeships and doubled the cash incentive to firms who take on an apprentice to £3,000 payment per hire. Alongside the increase in The National Living Wage and the on-going investment in the Kickstart Scheme, these are important measures to help young people find opportunities for work experience and employment.
Given the high cost of housing in and around East Hampshire, help to get on the housing ladder is important. There will be a new guarantee scheme to enable homebuyers to secure a mortgage with a 5% deposit. The temporary Stamp Duty cut is also being extended to September.
Fuel duty especially affects rural areas like ours where travel distances are longer. It will be frozen for the 11th consecutive year.
With many local jobs in tourism, hospitality and retail impacted by the pandemic, the extension of the business rates holiday and the reduced rate of VAT is welcome news, alongside the new £5 billion Restart Grant scheme and Recovery Loan Scheme that will replace the existing government guaranteed schemes.
Small and medium sized businesses will also be supported through the new Help to Grow scheme, providing digital and management tools needed to innovate, grow and help drive recovery. A new ‘super-deduction’ will cut companies’ tax bill by 25p for every pound they invest in new equipment - a potential boost for sectors from agriculture to the growing number of high tech businesses locally.
