Local Watford MP Dean Russell welcomed the budget led by the Chancellor today. The budget was focussed on supporting businesses and individuals in the months and years ahead, and to create a buoyant and sustainable economy post lockdown.
Dean Russell stated, ‘I am encouraged by the OBR’S forecast that the economy is on track to return to pre-Covid levels by the middle of next year. I was pleased to see that the furlough scheme has been extended until September, as this has been vital in sustaining jobs and helping businesses to survive in these challenging times. The news that the business rates holiday will continue through to the end of June is also very welcome. Additional grants for the self-employed will also be vital to helping small businesses get through this period.
VAT cut to 5% for 6 months will have massively positive implications for the hospitality and tourism industry when we start to see the country reopen. Working with local businesses locally, I know this will be a welcome announcement from the Chancellor’.
The National Living Wage rising to £8.91 in April will be good news to many people living in Watford, and the £20 uplift to universal credit being extended for a further 6 months has been welcomed.
Dean Russell continued, ‘First time homebuyers will get a government guarantee on mortgages with a deposit of 5%. Many young people struggle to find a large deposit, and this scheme will really help people get onto the property ladder. I am also really pleased that the temporary cut to Stamp Duty has been extended.
This budget is a budget for the people, with huge sums of money pledged to make life easier once the country starts to reopen. I will ensure Watford residents are kept informed about the available schemes and I look forward to seeing how the budget performs for the people of the UK.