Chloe Smith
MP for Norwich North

Budget 2021

Author: Chloe Smith, Updated: 03 March 2021 15:17

I welcome the Chancellor's announcements in today's budget which will continue to support people in Norwich.

One year ago, the Government promised the British people it would do whatever it takes to provide security and stability. This Government is delivering on that promise: over this year and next, by providing £407 billion of support for families, jobs and businesses, more than almost any other country in the world.
As the IMF, Bank of England and other independents have all confirmed: the plan is working. As a result of the Government’s interventions, unemployment is now estimated to peak at far lower levels than previously expected, and the economy is now forecast to recover faster than previously thought as well. 
There will still be a lot of hard work ahead, and the Chancellor was honest about this. 
Here are some highlights from today's budget:
  • Extending furlough until the end of September
  • Two further grants for the self-employed - and bringing in 19/20 starters
  • Restart grants of up to £18,000 to get retail, hospitality, leisure and personal care businesses going again
  • Business rates holiday extended for 3 months
  • Extending the VAT cut to 5 per cent for a further six months
  • Continuing the stamp duty cut for another three months
  • Extending raises to Universal Credit and Working Tax Credits by six months
  • More money for apprenticeships and traineeships
  • New Recovery Loans 
  • £700 million for arts, culture and sports
  • A brand new 95 per cent mortgage guarantee for prospective homebuyers
  • Extending the business rates holiday
  • Extending the VAT cut
  • Delivering new Recovery Loans
  • Helping people to get better skills for them to get better jobs
  • Doubling the incentive payment to small businesses to take on apprentices of any age to £3,000, alongside £126 million to triple the number of traineeships next year.

Over the coming days I will write more here, to help people and businesses in north Norwich take full advantage of these measures as we step on the road to recovery.