'We're going into this coronavirus crisis with our public services on their knees.' JeremyCorbyn says today's budget 'doesn't come close' to matching the government's rhetoric and is an 'admission of failure'. Live updates on Budget2020:
Business Rates to be abolished for the next year for small businessesSmall business hit by coronavirus can get loans of up to £1.2m£1.
"Over the next few months we’ll tackle the big issues head on. From our National Infrastructure Strategy, to social care and further devolution. "Last year, we allocated £600m to remove unsafe Aluminium Composite Material from high rise residential buildings.," he notes. Rishi Sunak says:"We’re also going to build better railways: With spades going in the ground on HS2… …our commitment to fund the Manchester-Leeds leg of the Northern Powerhouse Rail…funding today for a new station at Cambridge South and the Midlands Rail Hub…Darlington station moving to the next stage of development and approval…and funding to make a dozen train stations more accessible.
"We’ve agreed today a new devolution deal in West Yorkshire, with a directly-elected Mayor for the region. "To support those areas that have been repeatedly flooded, I’m providing £200m of funding directly to local communities to build flood resilience. "Entrepreneurs’ relief is: Expensive – at a cost of over £2bn a year. Ineffective – with less than 1 in 10 claimants saying the relief has been an incentive to set up a business. And unfair – with nearly three quarters of the cost going to just 5,000 individuals."
On pubs, Mr Sunak says:"Today I can announce that, exceptionally, for this year, the business rates discount for pubs will not be £1,000 - it will be £5,000. And I’m also pleased to announce that the planned rise in beer duty will also be cancelled. "I can also confirm, now we’ve left the EU, that I will abolish the tampon tax. From January next year, there will be no VAT whatsoever on women’s sanitary products.
"If future Governments have the same determination to continue our approach, the UK’s long-term productivity will increase by 2.5%.""Even before coronavirus hit, we were facing a slowing world economy," Rishi Sunak admits. "I will do whatever it takes to get our nation through it. I’m acting today with a multi-billion-pound commitment:
"That means I am announcing today, in total, a £30bn fiscal stimulus to support British people, British jobs and British businesses through this moment."Rishi Sunak says businesses will be able to defer tax payments over an agreed period of time, with a dedicated helpline staffed by 2,000 workers. Secondly, the chancellor tells MPs that statutory sick pay will be available for everyone who is told to self-isolate, even if they don't have symptoms.
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