Yesterday’s Budget was good news for Elmbridge residents – boosting small businesses, workers and public services, as we rise to the immediate challenge of Coronavirus.
The Chancellor announced measures to support the economy through Coronavirus. The government announced a £12 billion support package, including £5 billion which will be available for the NHS and other public services.
Statutory Sick Pay will be expanded, and it will become easier for the self-employed to claim benefits. To support businesses affected, the government has increased business rates discounts for retail premises, saving each eligible business up to £25,000, and announced an emergency loans scheme.
More broadly, residents across Elmbridge will benefit from a cut in National Insurance Contributions. Raising the threshold for National Insurance Contributions from £8,632 to £9,500 in April will cut the average Elmbridge resident’s National Insurance payments by £104 in 2020/21. This, alongside raising the National Living Wage by 6.2% to £8.72 in April, will put more money in residents’ pockets.
The Chancellor also announced significant new public investment. The NHS will enjoy a £6 billion boost over the next five years, on top of the £34 billion increase already announced. A new £2.5 billion Potholes Fund was also announced. I’ll be working hard to make sure Elmbridge receives its fair share of this funding, to deliver more GP appointments and repair local roads.
(Image: Dom hearing from local businesses at a Federation of Small Businesses roundtable last year)
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