Budget 2020 – How it effects the horticultural sector

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This budget comes at a time where we are verging on economic uncertainty. The rapidly growing concerns over COVID-19 looks likely to dominate the next quarter.

The chancellor has announced some £30bn to go towards coronavirus measures.

For concessions they key points of the budget are:

  • Statutory sick pay costs for businesses with fewer than 250 employees will be met by the government in full for up to 14 days per employee.
  • Business rates relief for firms with a rateable value below £51,000
  • The Chancellor has pledged to review business rates as a whole in the autumn
  • There is a new Coronavirus Business Interruption Loan Scheme which will see banks offer loans of up to £1.2million to support small and medium sized businesses
  • The bank of England has announced a cut in interest rates to just 0.25%
  • Firms eligible for small business rates relief will get a £3,000 cash grant