Only time will tell if the measures laid out in Rishi Sunak’s budget will go far enough to deliver the predicted economic growth post Covid-19, according to the President of the Wellingborough & East Northants Chamber of Commerce.
Pritesh Ganatra commented: “With the UK still on the rebound (and a state of caution) from the pandemic, rising fuel prices and inflation, yesterday’s budget announcement from Chancellor Rishi Sunak needed to deliver a great deal to UK businesses and public alike in what the Government calls its ‘levelling up’ strategy.
The pandemic hit the economy and businesses in different ways. Public spending shot through the roof with the furlough scheme and the £20.00 per week uplift in Universal Credit.
Announced yesterday, for 12 months, a new 50 per cent business rates discount for businesses in the retail, hospitality, and leisure sectors. Pubs, music venues, cinemas, restaurants, hotels, theatres, gyms are all included.
The budget also gives relief to the retail and hospitality sector but not until 2023 and there will be a ‘new investment relief’ to encourage businesses to adopt green technologies like solar panels, with a freeze on extra business rates for 12 months thereafter.
A mixed bag and only time will tell how effective these measures will be to continue the economic growth that is being predicted.”