Skip to main content
Site logo

Main navigation

  • Home
  • About Mark
  • News
  • Rugby
  • In Parliament
  • Coronavirus
  • Contact
  • Have your say...
Site logo

Westminster Diary - A Budget to protect jobs and livelihoods

  • Tweet
Wednesday, 3 March, 2021
Parliament

Last week, the Prime Minister set out the roadmap to lift the restrictions brought in to help defeat coronavirus. Today, the Chancellor used the Budget Statement to demonstrate how the Government will continue to support families, businesses and the economy for these final months and lay the groundwork for our recovery with a three-point plan as we build back better.

Firstly, the Chancellor has recognised the need for businesses to continue to have certainty and for jobs to continue to be protected. That is why he has taken the decision to extend the furlough scheme for an additional six months until the end of September. The scheme has protected over 6,500 jobs here in Rugby and Bulkington and its extension will mean that as we lift restrictions and enable people to return to work, there will not be a cliff edge for jobs as our economy recovers. The Chancellor also set out a further round of grants worth up to £18,000 to help businesses as they reopen. There is extra support targeted at the leisure, hospitality, arts and culture sectors who have been especially hard hit by the pandemic. In addition, the Chancellor confirmed that the business rates holiday and VAT cut will be extended and the planned rises to fuel and alcohol duties will not take place, which I know will be a relief to families and businesses throughout Rugby and Bulkington.

It is also vital to ensure that families have the support which they need over the coming weeks and months. I know that many residents have been concerned about the future of the £20 uplift to Universal Credit. Today, the Chancellor confirmed that the uplift will be retained for an additional six months.

In total the Government will have provided over £407 billion of support in response to the pandemic. It is right that we are honest about the consequences of these decisions and take steps to keep the public finances on a sustainable footing. I stood on a manifesto commitment not to increase Income Tax, National Insurance or VAT, and I am delighted that the Chancellor has stood by this. It is right that those with the broadest shoulders should pay their fair share, which is why the Government will be increasing corporation tax on the largest, wealthiest businesses to 25% in 2023. It is important to note that this increase has been delayed so that businesses have time to recover, and will take effect as and when companies return to profit. It will also not impact smaller businesses, with 70% not affected at all, and even with this increase the UK will have the most competitive tax regime for businesses in the G7.

Finally, we need to ensure the future of our economy. That is why today the Chancellor launched a new UK Infrastructure Bank which will drive our green recovery by investing in public and private projects to create green jobs and green growth. I know that delivering growth in a sustainable way is a priority for local residents and this world leading investment is an essential part of our economic recovery.

The success of our vaccine programme means that there is a route out of the restrictions and today the Office for Budget Responsibility has said that, thanks to the unprecedented measures the Government has taken, our recovery will be swifter than initially hoped. This means that there is hope for the future and today’s Budget lays the groundwork for that hope to become a reality. 

  • Local News
  • Opinions

You may also be interested in

Parliament

Westminster Diary - In memory of His Royal Highness Prince Philip

Thursday, 15 April, 2021

Last week we heard the sad news that HRH the Duke of Edinburgh had passed away at the age of 99. For me, and for the vast majority of local residents, Prince Philip has been a constant presence at the side of Her Majesty the Queen, to whom he has provided a lifetime of unwavering support.

Show only

  • Articles
  • Local News
  • Media
  • Opinions
  • Speeches
  • Speeches in Parliament
  • Westminster News

You can find out more about the measures in the Budget on the Gov.uk website.

Mark Pawsey MP Member of Parliament for Rugby & Bulkington

Footer

  • About RSS
  • Accessibility
  • Cookies
  • Privacy
  • Get involved
  • Mark's Constituency Advice Surgeries
Promoted by Adrian Warwick on behalf of Mark Pawsey MP, both of Albert Buildings, 2 Castle Mews, Rugby, CV21 2XL.
Copyright 2021 Mark Pawsey MP Member of Parliament for Rugby & Bulkington. All rights reserved.
Powered by Bluetree