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Chancellor delivers Budget giving businesses confidence and stability

Yesterday the Chancellor’s budget statement outlined the government’s 3-point plan to support businesses through the spring and into the summer months giving firms more clarity on the way ahead and will allow many to plan with greater optimism and confidence as they look to rebuild over the coming months.

The Chancellor said that the Office for Budget Responsibility had said the recovery could be swifter than expected, but the impact has been deep and will be long-lasting.

For those businesses that are still closed or facing reduced demand due to restrictions the chancellor’s 3-point plan to support people through the coming months and rebuild the economy will ease many cash low concerns and protect livelihoods.

The furlough scheme, which pays 80% of employee wages that cannot work due to the pandemic has been extended until the end of September. Originally due to close in April, many businesses faced concerns that although some restrictions will be lifted, they still may be faced with reduced demand that will not allow them to fully recover profits lost.

The government also announced further support for the self-employed. Many who have felt left behind in the governments support package, welcome this new support. Nearly a fifth of self-employed people missed out on previous grants because they had only recently started working for themselves. Two further payments were announced by the chancellor which will support a further 600,000 self-employed people.

The governments plan to see businesses through the coming months, together with the hugely success vaccine rollout will give businesses an increased level of hope and optimism. The Chamber will continue to provide support businesses on the information and guidance available to see them through the coming months.