John Baron MP welcomes £407 billion in support for families, jobs and businesses

MP disappointed by corporation tax rise

Today the Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, announced that the Government will be providing over £407 billion of support for families, jobs and businesses over this year and next. Amongst other measures, the furlough scheme will be extended until the end of September and there will be two further grants for the self-employed income support scheme – which will now also have wider eligibility criteria. In addition, there will also be a six-month extension to the Universal Credit uplift, new grants and loans for businesses, and an extension to the Stamp Duty holiday. There will be no increases to income tax, National Insurance, VAT, nor to alcohol or fuel duty.

John said,

“I welcome the huge amount of support the Chancellor has today announced to support families, jobs and businesses as we come out of the coronavirus pandemic, which has dealt our economy a heavy blow, as well as the other sensible measures contained within this year’s Budget. It is good news that the Office for Budget Responsibility now believes the economy should return to its previous health six months earlier than previously anticipated.”

“There will be much to study in this Budget, but an early personal disappointment is that corporation tax will rise to 25% in 2023. Whilst I understand that the far-reaching damage to the public finances must be mended, and that this rate will still be the lowest in the G7, this move may well dent our international competitiveness. Nevertheless, it is good news that this will only apply to large companies, and 70% of businesses will be completely unaffected.”