LUDLOW MP Philip Dunne, has welcomed the first budget since the pandemic started from Chancellor Rishi Sunak that the MP says will continue to protect jobs and deliver growth for businesses as the UK recovers from the covid19 pandemic.

To protect jobs and support businesses, the Chancellor announced the furlough scheme will be extended a further six months to September, alongside two further grants for the self-employed, which will now be open to those who started a new business in 2019/20, as long as they have submitted a tax return for the year.

New Recovery Loans and a new Restart grant of up to £18,000 to help businesses as they reopen. Support for the sports, arts and culture sectors will also be increased by a further £700 million as they begin to reopen.

Business Rates continue to be zero rated for an additional three months, before tapering at 12.5 per cent for a further nine months, before returning to normal levels.

The VAT cut for hospitality and tourism businesses, which is a big help for these businesses in south Shropshire when they are open, will remain at five per cent for six months, and then will taper through a 12.5 per cent rate for the following six months.

In a major boost for business investment in plant and machinery the Chancellor is introducing a new Super Deduction of 130 per cent of this investment offsetable against tax bills.

Alcohol and fuel duty have had their planned duty increase scrapped.

The inheritance, capital gains and pensions lifetime allowances and the VAT threshold will remain at current levels, with no increase to income tax, National Insurance Contributions or VAT.

The uplift to Universal Credit and Working Tax Credits will be extended by six months.

“The Chancellor has once again shown his willingness to innovate, and I am pleased there was so much for south Shropshire to welcome in the Budget,” said Mr Dunne.

“I had called for furlough to be extended until at least June, so I am pleased it has been further extended out to September, with additional support for the self-employed.”