Budget 2020

March 12, 2020

Before you read this, I'd like to warn you that there's a long list of good stuff below! 

 

Yesterday's Budget was both a robust and all-encompassing response to the challenges of coronavirus and a long term plan to reduce the cost of living, cut taxes and invest in our infrastructure. 

 

The measures announced include: 

 

✅ The NHS to get ALL the extra resources it needs to cope with Coronavirus - including a £5bn Initial COVID-19 Response Fund

 

✅ Statutory Sick Pay will apply for self-isolation, and will apply from day 1 (not day 4 as is usually the case)

 

✅ Statutory Sick Pay for up to 14 days will be refunded to SMEs by the Government

 

✅ Those advised to self-isolate will be able to get an alternative sick note specifically for Coronavirus through NHS 111 (rather than having to visit a doctor)

 

✅ Those not eligible for Statutory Sick Pay can claim Universal Credit or enhanced Employment Support Allowance on day 1 of sickness (rather than day 8 as is usually the case)

 

✅ The Universal Credit Minimum Income Floor will be relaxed for those with COVID-19 or those self-isolating

 

✅ A £500m hardship fund for local councils to support economically vulnerable people

This is in amongst a raft of other great measures announced, which will reduce taxes on the lowest paid whilst greatly investing in our infrastructure and public services. Some of my particular highlights:

 

✅ £5bn to roll out gigabit broadband - with huge benefits to rural areas!

 

✅ £1bn for the Shared Rural Network to massively improve 4G coverage in rural areas

 

✅ National Living Wage to increase by 6.2% from April

 

✅ Increasing the National Insurance threshold to £9,500 (meaning a tax cut for 31 million people!)

 

✅ Business Rates removed altogether this year for small businesses (rateable values under £51k) and this 100% rate relief being expanded to the leisure and hospitality sectors

 

✅ A £5,000 Business Rates discount for pubs (up from £1,000)

 

✅ A new Small Business grant of £3,000 for our 700,000 smallest businesses

 

✅ Fuel Duty frozen once again, keeping the cost of living down for local residents who rely on their cars for work, study, and family life

 

✅ Duty on beer, cider, wine, and spirits also frozen

 

✅ Reducing the frequency of reassessments for Personal Independence Payment to reduce anxiety for claimants

 

✅ Doubling spending on our flood defences

 

✅ Record investment in our railways and roads

 

✅ A £2.5bn pothole fund to fix our roads

 

Just some of the many measures in this Budget to help us manage the impact of COVID-19 and then get on with our longer term ambition of levelling up our great country and delivering for Mansfield!

Share on Facebook
Share on Twitter
Please reload

RECENT POSTS

July 4, 2020

July 3, 2020

Please reload

ARCHIVE

Please reload

Get in Touch

  • Facebook Social Icon
  • Instagram Social Icon
  • YouTube Social  Icon
  • Twitter Social Icon