Burnley MP says Budget shows Conservatives’ commitment to protecting jobs and livelihoods

Earlier today, Chancellor Rishi Sunak set out the economic plan for the country stating a focus on supporting people and businesses well beyond the end of the Covid roadmap, while levelling up across all regions of the United Kingdom.

The Budget confirmed an extension of the furlough scheme until the end of September, a continuation of the temporary Universal Credit uplift for a further six months, and new loan and grant schemes to help businesses as they re-open.

The business rates holiday, VAT cut and stamp duty holiday were all extended, and a new mortgage guarantee scheme will come into force from April backing 95% mortgages.

The Budget also announced 45 new Town Deals to help spread opportunity across the country.

While there were no increases to Income Tax, NICs or VAT - and for the 11th year in a row alcohol and fuel duty were frozen - corporation tax on large company profits will increase to 25% in 2023, and the income tax threshold will be frozen for five years from next month.

Commenting, Mr Higginbotham said: “Today’s Budget provides local businesses and families in Burnley and Padiham with the support and reassurance we need to get through the pandemic.

"The Chancellor has announced a plan which will protect people’s jobs and livelihoods and charts an optimistic route forward. A route which prioritises getting through the Coronavirus pandemic whilst continuing to focus directly on the priorities we have.

"I was elected on a commitment to level up communities like ours, and I am thrilled that this Conservative Government is now making good on that promise despite the economic backdrop. We’re building our future economy and the Government is investing in the people of our borough."