BUSINESSES from across the county have given their views on chancellor Rishi Sunak’s budget. Key details include Mr Sunak announcing that the government will not raise the rates of income tax, national insurance, or VAT but will instead freeze personal tax thresholds for the time being. Corporation tax, which companies pay on profits, will also be raised to 25 per cent in 2023 however firms with profits under £50,000 will remain at 19 per cent. Chief executive of East Lancashire Chamber of Commerce Miranda Barker said: “I think it’s pretty sound, I like the fact that he’s telegraphed where the future consequences are coming from because if he hadn’t done that people would say he wasn’t being realistic.
Budget 2021: Blackburn and East Lancashire firms react to Rishi Sunak s plans
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Budget 2021: Blackburn and East Lancashire firms react to Rishi Sunak s plans
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EXTRA grants to help reopen are a “lifeline” but more needs to be done to keep businesses afloat, say East Lancashire businesses. The Chancellor yesterday confirmed £5bn in grants will be available to distribute to businesses from local authorities, with some sectors able to claim up to £18,000. The money, which will be available in April, has been described as a “lifeline” by one landlady who has kept her pub doors shut since October last year. Carole Davis, who runs the Clifton Arms on Grimshaw Park, said: “It is a lifeline, it really is. That worry of ‘okay we can restock’ as we have the money to restock so we are not going into debit to start off with. It will be a tremendous help to get us on that right road to be able to open knowing we have got everything we need to have in place.