Today’s Spring Budget was always going to be a seminal moment, with commentators calling it the most important budget since the Second World War. The Chancellor had a big task – the budget had to support firms throughout the roadmap as the economy reopens and demand returns, but also to set the stage for a strong economic recovery by stimulating business investment. So, how did he do?
Overall, there was lots in the budget for businesses to welcome – the Chancellor succeeded strongly in protecting the economy now and kickstarting recovery. The Chancellor also had an eye to the future, making key interventions to address the public finances, while building confidence and investment in a lasting recovery. However, the increased of Corporation Tax rate will cause a sharp intake of breath for many businesses.
Continued business support to tackle COVID-19:
- Extension of the Job Retention Scheme until September – with government contributions tapering from July; this is directly what the CBI called for in our budget submission and in numerous meetings with the Treasury to shape