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