I was pleased to welcome the support the Chancellor is offering to businesses in Ruislip, Northwood and Pinner during Treasury Questions yesterday. The extension of the VAT and business rates holidays, along with the additional grants to support businesses restarting, will provide valuable breathing room and allow the high street and our local economy to bounce back. My question to the Chancellor and his full response can be read below:
What fiscal steps he is taking to support the UK’s economic recovery.
The Chancellor of the Exchequer (Rishi Sunak)
Taking into account all the measures announced since last March, this Government are providing more than £400 billion of direct fiscal support to the economy over this year and next. That will rank as one of the most comprehensive and generous responses of any country anywhere in the world.
Mr Speaker, I welcome the support made available to all our people the further support announced for businesses. The extension of the VAT and the business rates holiday, alongside the restart grants, are particularly welcome for businesses in my constituency of Ruislip, Northwood and Pinner, especially on our high streets. Does my right hon. Friend agree that these steps will support our short-term economic recovery, and ensure that businesses have the breathing space to protect jobs as they begin to bounce back?
My hon. Friend is absolutely right. Our priority economically is to protect, support and create as many jobs as possible, and the support that we have provided to businesses will help to do that. My hon. Friend talks about breathing space; he is right to say that measures to improve businesses’ cash flow in the short term will help give them the breathing space they need to drive our recovery as they begin to reopen in the coming months.
