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Thursday, March 4, 2021

Local MP welcomes Spring Budget measures

Clwyd South MP Simon Baynes (pictured) has welcomed yesterday's Spring Budget announcement by the Chancellor of the Exchequer, Rishi Sunak MP.

He says it provides billions of pounds to support businesses and families through the pandemic and invests in North Wales.

It contained details of:  

1.  An extension of the Coronavirus Job Retention Scheme until the end of September, ensuring it continues to support employers as they begin to reopen. Two further grants will also be available to self-employed people – and the newly self-employed will also be eligible for both grants.

2. A continuation of the temporary Universal Credit uplift for a further six months.

3. New Recovery Loans and a new Restart grant of up to £18,000 to help businesses as they reopen. Support for the sports, arts and culture sectors will also be increased by a further £700 million as they begin to reopen.

4. Extending the business rates holiday, VAT cut and stamp duty holiday. There will also be a new mortgage guarantee scheme from April which backs 95 per cent mortgages.

5. Opening up the new Levelling Up Fund for its first round of bids, worth £4.8 billion across the United Kingdom. The budget also announces 45 new Town Deals to help spread opportunity across the country.

6. A new Help to Grow scheme to boost productivity of small businesses, to ensure they are embracing the latest technology and management training.

8.   Additional funding for Wales of £740 million.

Simon Baynes MP said: “The Budget provides businesses and families in Clwyd South with the support and reassurance they need to get through the pandemic.

“With £407 billion of support for families, jobs and businesses, it is right that the Chancellor is honest with the British people about our public finances.

Barbara Hughes, Welsh Conservative Senedd Candidate for Clwyd South, said: “As we look ahead, this Budget lays the foundations of our future economy – driving up productivity, creating green jobs, supporting small businesses, and levelling up for our communities here in Clwyd South and across the rest of Wales.”

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