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Budget in focus A round-up of industry feedback for the 2020 Budget
awaited review of business rates and we will ensure our members’ views are communicated to Government when further detail is available. “It is positive to hear that the Government is
hancellor of the Exchequer Rishi Sunak delivered the Government’s first budget since the election. As expected, many of the announcements focused on providing support to the economy in dealing with coronavirus. James Clark, director of Policy and
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Communications at the Horticultural Trades Association (HTA) commented: “Today’s budget provides support to small and medium-sized businesses (SMEs), including in horticulture, to minimise the impact of coronavirus. Measures including assistance with Statutory Sick Pay for SMEs and the abolition of business rates for small businesses for 2020 are all short term measures for our members in dealing with the immediate impact of coronavirus. The devil will be in the detail of how members will fully benefit. “With regard to medium and longer-term business support, we welcome the long-
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making a further commitment to their environmental pledges with the announcement of plans to plant 30,000 trees over the next five years. Support for nurseries is critical to build and enhance UK production capabilities for plants as well as trees to help deliver the Government’s ambition to create a greener Britain.” The British Independent Retailers Association (Bira) has welcomed the Chancellor's emergency package to help small retail businesses amid the coronavirus crisis. Elsewhere in the Budget, the Chancellor said the business rates system would not be reformed until later in the year. Bira has campaigned for urgent reforms of the outdated system, and hoped to see plans for this outlined today. He did however, announce a £5bn investment in broadband in the country's hardest-to-reach areas in a further boost to business.
Andrew Goodacre, Bira's CEO, said: "We are delighted to see that the Chancellor listened to our concerns regarding the potential impact of Covid-19. The retail discount being increased to 100%, the support with SSP and small business grants are all very welcome. "We still have concerns for those retailers above the £51,000 threshold and believe that the threshold should be increased to include more smaller retailer businesses with less than 250 employees."
For home improvement retailers seeking a comprehensive round-up of how the Budget impacts their business, visit the The British Home Enhancement Trade Association (BHETA’s) website for more:
bheta.co.uk/news.
The Budget: Key Announcements
• Coronavirus - measures to support SME businesses paying increased Statutory Sick Pay, reduction of business rates for small retailers, support from HMRC on tax and a temporary loan scheme via the British Business Bank.
• Business rates – launch of the Government’s review into business rates, with a consultation to be launched soon and a final report in the Autumn 2020 Budget.
• National Minimum Wage - a possible further increase in the Minimum Wage from 2024.
• Tax – Entrepreneurs Relief to be reformed and red diesel banned for some sectors, excluding agriculture.
• Tree planting – a £640 million “nature for climate” fund launched to support tree planting and peatland restoration.
• Rural connectivity - £5 billion investment into the Shared Rural Network, which aims to increase mobile and broadband coverage in rural areas.
• Business rates abolished for one year for retailers and cafe owners with a rateable value of below £51,000
• Sick pay payments refunded to small retail businesses with fewer than 250 staff for up to 14 days absence for anyone suspected to have coronavirus
• 'Business Interruption' loans of up to £1.2 million for small retail businesses.
• Any company eligible for small business rates relief will be allowed a £3,000 cash grant.
GCU Spring 2020
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