Dan Peters 03 March 2021

Budget 2021: Sunak vows to do 'whatever it takes' to help businesses

Budget 2021: Sunak vows to do whatever it takes to help businesses image

Chancellor Rishi Sunak has vowed to ‘do whatever it takes’ to support businesses as the country looks to a post-coronavirus future.

Giving his Budget speech today, Mr Sunak said the business rates holiday would continue until the end of June followed by nine months of 66% relief.

Local authorities will be fully compensated for the loss of income as a result of the measures, and receive new burdens funding for administrative and IT costs.

The Government will freeze the business rates multiplier in England for 2021/22, saving firms around £600m over the next five years.

Business restart grants in England of up to £6,000 for non-essential retail businesses and up to £18,000 for hospitality and other sectors were also announced, as well as an additional £425m of discretionary business grant funding for local authorities to distribute on top of the £1.6bn already allocated.

The Budget documents said the new one-off grants, which altogether will cost £5bn, would give businesses ‘further certainty in order to plan ahead and safely begin trading again over the coming months’.

There will be a new UK-wide guarantee scheme supporting businesses’ access to loans and overdrafts.

The recovery loan scheme will provide lenders with a guarantee of 80% on eligible loans between £25,000 and £10m to give them ‘confidence in continuing to provide finance to UK businesses’.

Previously, under the future fund, more than £1.1bn of loans to more than 1,140 businesses have been provided.

A new £375m fund to help scale up the most innovative, research and development intensive businesses was also announced.

In his speech, Mr Sunak said the Budget ‘protects businesses’.

SIGN UP
For your free daily news bulletin
Highways jobs

Mayoralty & Business Manager

London Borough of Richmond upon Thames and London Borough of Wandsworth
£41,292 - £50,034
The Mayoralty & Business Manager will be responsible for maintaining the reputation of both Mayoralties and promoting a positive image of... London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Joint Assistant Director - Communities and Wellbeing

Babergh & Mid Suffolk
£75,000
Babergh and Mid Suffolk District Councils are at the forefront of joint working and are a progressive award-winning partnership Ipswich, Suffolk
Recuriter: Babergh & Mid Suffolk

Customer Services Assistant - Annualised Hours

Essex County Council
£18029 - £19329 per annum
Customer Services Assistant - Annualised HoursPermanent, Part Timeup to £19,329 per annum pro rataLocation
Recuriter: Essex County Council

Customer Services Assistant - Annualised Hours

Essex County Council
£18039 - £19329 per annum
Customer Services Assistant - Annualised HoursPermanent, Part Timeup to £19,329 per annum pro rataLocation
Recuriter: Essex County Council

Practice Supervisor - Children & Families Service - Northallerton

North Yorkshire County Council
£39,880 - £43,857 per annum pro rata + relocation support
An exciting position has arisen for an enthusiastic, well-motivated Practice Supervisor to join the Northallerton team. White Rose House, Northallerton. We very much promote flexible working with the ability to work remotely from a variety of bases as well as from home, whatever makes sense and is suitable to provide the best service.
Recuriter: North Yorkshire County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue