Last year’s election gave a clear verdict. Now the Government is delivering a Budget which delivers on our promises to the British people – it is clearly a Budget of a government getting things done.
The Chancellor and his team have rightly identified Coronavirus as a threat to our economy. With the Chancellor announcing a £30 billion stimulus package to support the economy through the current Coronavirus outbreak, we are well placed to weather its implications. In addition to this, statutory sick pay will also be paid to all those who choose to self-isolate, even if they don't have symptoms, and contributory employment Support Allowance benefit claimants will be able to claim sick pay on day one.
Investment will reach record levels over the next five years, as the Government commits to increasing opportunity across the country – benefitting families and businesses in all corners of the UK. I am delighted that we have set out measures to support families and help them with the cost of living, while continuing to invest in Britain’s future responsibly laying the foundations for a decade of growth and prosperity.
Locally many of our businesses are going to benefit from the Chancellor’s announcements today. Retail, leisure or hospitality businesses, with a rateable value below £51,000 will, over the next financial year, pay no business rates whatsoever. This is a tax cut worth over £1billion, saving each business up to £25,000. This will certainly buoy businesses as they look to weather Coronavirus’s impact. Whilst this is excellent news businesses are not the only ones to benefit from this budget. The threshold at which people pay National Insurance is set to rise – putting more money in people’s pockets by saving them just over £100 a year. In addition to this fuel duty has been frozen for the tenth consecutive year, which in a rural part of the country like ours is very welcome, not to mention freezing all alcohol duties.
This budget represents the largest capital investment in infrastructure for generations with more than £600billion being spent on roads, rail, broadband and housing by the middle of 2025. You can rest assured that alongside my Norfolk Parliamentary colleagues I will continue to press the Treasury to ensure some of this money is spent on our local priorities.
