Chris Clarkson MP was keen to hear the detail of the Chancellor's plans and understand the impact on Heywood & Middleton and the North West overall following the acute damage done to our economy by the coronavirus pandemic.
Chris said; “The Chancellor laid out a fiscal plan to help not only the larger companies and the structures of our economy, but to support small and medium-sized businesses, the self-employed, and those in low wage employment. We want to get our high streets and local businesses back on track as soon as we can.
The uplift in Universal Credit remains until October, the new small deposit scheme for mortgages to move ‘generation rent’ to ‘generation buy’, the extension of the furlough scheme and the self-employed income support scheme are all part of a package designed to support people in our communities.”
This Budget protects the jobs and livelihoods of the British people with a three-part plan:
1. Supporting people and businesses
2. Beginning to fix the public finances with a fair and honest plan
3. Building our future economy
The Chancellor outlined a raft of measures to continue to support the economy through the pandemic crisis. Over the next year as the recovery begins the focus is towards getting people into well paid jobs, with new initiatives and funding for apprenticeships, and grants for business reopening.
In the North West we have already supported more than 1 million jobs through the Coronavirus Job Retention Scheme and 250,000 self-employed workers have claimed £1.6 billion through the Self-Employment Income Support Scheme - both of which are being extended.
The Chancellor also announced eight freeports in England, including Liverpool in the North West. This will encourage free trade and bring investment to all regions of the country through lower taxes and cheaper customs.
Nine Town Deals have also been announced, including Rochdale along with Preston, Workington, Bolton, Cheadle, Carlisle, Leyland, Southport, and Staveley. These towns will benefit from £211 million from the Towns Fund supporting their long-term economic and social regeneration as well as the immediate recovery from the impacts of coronavirus.
Chris said; “There are a large number of announcements for business and job creation – one of the most unprecedented being the Super Deduction, allowing businesses to offset the costs of new equipment against tax, plus an additional 30%. For companies in Heywood & Middleton this will be one of the biggest tax cuts in their history and get them investing, creating jobs, and driving our economic recovery.
I want to particularly note the commitment to the Thalidomide Health Grant - funding for those affected by thalidomide with the Chancellor making a lifetime commitment to fund the scheme – with a £39m down payment that will cover the next four years – this will make a huge difference to families affected.
This is budget for now and for the future, supporting livelihoods in Heywood & Middleton.”
