Following the Budget announcement on Wednesday 3 March, Business Secretary, Rt Hon Kwasi Kwarteng MP, outlined in his statement that the Department for Business will have a key role to play in delivering the Budget’s commitments, aimed at protecting the jobs and livelihoods of the British people through the COVID-19 pandemic. The Business Secretary said, “Recognising the critical role our innovators and wealth creators will play in driving our economic recovery, Government has unveiled a raft of measures to stimulate private investment, including a radical new super-deduction to cut companies’ tax bills if they invest in Britain’s future”.

Other highlights were:

• £5 billion for new Restart Grants

• A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million

• The business rates holiday in England has been extended by an additional 3 months

• For the hospitality and tourism sectors an extension to the temporary 5% reduced rate of VAT until 30 September 2021

• SMEs will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP)

• The trading loss carry-back rule will be temporarily extended from the existing one year to 3 years

Further information can be found here.

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