Leading the BID industry
POSTED ON: 05/03/2021
So the Chancellor this week delivered what was the most trailed Budget in memory, and it was a very mixed response to what has been the crisis of our time. The Chancellor said that he is providing businesses with £100 billion of support to get through the pandemic, and there was lots to help levy payers of all shapes and sizes who need some stability first and foremost as they begin to come out of lockdown.
The expected extensions of the business rates holiday, VAT cuts and furlough certainly provide this and will go some way in protecting jobs and getting our cities and towns back on their feet. However the business community needs stability beyond the next few months, and we would have liked to see these extensions last for a full year. Similarly, the £5 billion in restart grants was a much-needed lifeline and will help businesses reopen - the urgency now is to make sure we get this money to them as fast as possible.
Looking beyond the immediate, the £1 billion Towns Fund Deal funding is very welcome news and will provide an opportunity for us to improve and revive our towns. BIDs have been involved in developing ambitious programmes for their communities and they will be well placed to bring people together, work closely with local partners, and deliver improvements. Similarly, the new UK infrastructure bank based in Leeds will support £40 billion of investment. We need to attract people back into our centres so they can shop, visit and enjoy them, and these are bold measures that will certainly help.
On top of that cash for hiring apprenticeships doubled to £3,000, planned rises in alcohol and fuel duty were scrapped, and there was no rise in our income tax, National Insurance or VAT. However, corporation tax will rise to 25% and in what was billed as the rabbit out of the hat, the Chancellor announced a ‘super deduction’ regime whereby firms that invest in new equipment to boost jobs and productivity will pay less tax. The measure is designed to encourage fresh business spending – we hope it benefits everybody though and not just the global giants with cash to spend on warehouses and equipment.
Not wanting to sound like a broken record, it’s disappointing we didn’t hear more on reforming business rates. This is long overdue and must be grasped head on. We hope businesses get the measures they need in the autumn.
Full information from the Government can be seen here.
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