Financial Support for West Berkshire’s businesses and self-employed:
From the independent store on our high street, to our favourite hairdresser and the much-loved village local, the Government is providing further vital financial support to help West Berkshire through the early days of the recovery.
Restart Grants will provide a cash injection of up to £6,000 for retail, and up to £18,000 for businesses subject to extended closure in the hospitality, leisure and personal care sectors.
The 100% business rates discount will be extended until the end of June, with a two-thirds discount in place until April 2022, businesses will be in the best possible position to rebound.
The extension of the furlough scheme to September is intended to support businesses gradually rebuild customer demand without having to make redundancies in the early days.
There is an equivalent extension to the Self-Employed Income Support Scheme which will bring a further 600,000 newly self-employed people in scope, so long as they can provide a 2019/20 tax return.
Building a high-growth economy:
The Chancellor also set the direction for the future economic development of post-Brexit Britain. Tech and the Sciences are the key focus which opens up significant opportunities for the businesses in this sector that are already well-established in West Berkshire, along the M4 Corridor and in the Science Parks of Reading, Harwell, Culham and Oxford University.
The measures announced in the Budget include:
- A completely new ‘super-deduction’ tax allowance, which will allow businesses to offset their annual tax bill by 130% of the amount of any investment they make.
- The Government is consulting research and development tax credits to boost innovation.
- A new Help to Grow scheme will be launched in the autumn, through which the Government will cover 90% of the cost of new skills in management training and digital skills.
- Fast-track visas will be available for any high-skilled worker wanting to work in one of these sectors.
Building a high-wage economy:
Building a broad and specialist skill base is the bedrock of the Government’s vision for the UK’s economic future.
The Kickstart Scheme, launched last November, has already created over 250,000 jobs for young people and this year’s Budget went further still.
Now Government will be extending its successful apprenticeship programme by providing a £3000 incentive to businesses who take on apprentices irrespective of age. The new scheme will be linked to the Lifetime Skills Guarantee and will give people of any age the confidence to thrive in the labour market.
Building stronger communities:
A new Community Ownership Fund will support residents in investing in their local infrastructure, from football grounds to theatres to pubs, enabling rural villages to club together and take a stake much-loved community venue. Up to £250,000 is available for such projects.