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Chancellor treats business with £30bn virus plan

Rather than let the coronavirus usurp his Budget today, Chancellor Rishi Sunak opened his dispatch box debut by tackling the issue head on with a £30bn support package for business and the wider economy.

12th Mar 2020
Editor AccountingWEB
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With the government going more than 15 months without a Budget, the Chancellor had a choice of financial policy and tax proposals to pack into his maiden speech, but the coronavirus pandemic scuppered many of those plans and forced him to do some last-minute redrafts.  

Confronting the issue from the get-go, Sunak pledged a £30bn package of temporary measures to support public services and businesses through economic disruption caused by COVID-19.

“There will also be an impact on the demand side of the economy, through a reduction in consumer spending. The combination of those effects will have a significant impact on the UK economy,” said Sunak.

“But it will be temporary. People will return to work. Supply chains will return to normal. Life will return to normal. For a period, it’s going to be tough. But I’m confident that our economic performance will recover.”

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Replies (4)

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By [email protected]
12th Mar 2020 12:18

Has anyone seen anything published on how to access the £3,000 SBRR rebate?

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Replying to [email protected]:
By djtax
12th Mar 2020 12:23

The detailed Budget notes say the cash will be distributed by HMG to local authorities for them to distribute as they see fit (or words to that effect). No guidance how it can be claimed or whether a claim is required at all. Typical 'Westminster bubble' speak that does not translate readily into real world practicality. I suspect that this 'emergency' aid to small businesses will not reach some until it is too late...

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Replying to djtax:
By [email protected]
12th Mar 2020 12:43

Thanks. I will rattle the cage of my local Rates authority then!

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By ireallyshouldknowthisbut
12th Mar 2020 14:27

This £30BN isnt even close to adding up.

Are these real Billions (ie 1000 million) or a 'Westminster billion' ie 100 Million?

£2BN on SSP. SSP is £95 a week, so that's what 2,000,000,000 over 95 = 21 million weeks off work & claimed. Really!?!?!? Remember this is only small and medium employers. Given there is not even a system for making these reclaims I cant see quite how they will be paid out any time soon.

The loan guarantee is not spending its just "supporting" loans (which will probably never be made) upto a gross value of £1 billion

The business rate relief looks suspect too. Are there really 700,000 businesses claiming SBRR?

We are supposed to be accountants and should questions dodgy spin stats.

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