Spring Budget – March 2020
Newly appointed Chancellor of the
Exchequer, Rishi Sunak, delivered
his first Budget on 11 March,
against a backdrop of uncertainty
following the COVID-19 outbreak
and subsequent financial losses. It
was the first of two Budgets to be
delivered in 2020, with the second to
follow in the autumn.
COVID-19 AND THE NHS
The Chancellor wasted no time in diving
into the heart of the issue on the
minds of so many across the nation: the
COVID-19 crisis. Taking an empathetic
tone, he reassured the British public
that “we will get through this together”,
emphasising the temporary nature of
the crisis and his firm belief in the ability
of the British economy to weather
the storm.
Mr Sunak then called on all parties
across the House to support his £30bn
fiscal stimulus, including welfare and
business support, to “keep this country
and our people healthy and financially
secure”.
He pledged:
• £5bn emergency response fund to
support the NHS and other public
services
• Statutory Sick Pay (SSP) will
be paid to all those advised to
self-isolate even if they don’t
have symptoms
• To support businesses employing
fewer than 250, the government
would refund up to 14 days’ SSP
• A Coronavirus Business Interruption
Loan Scheme will support small
businesses experiencing increased
costs or cashflow disruptions, providing
access to £1bn of government-
backed loans
• Business rates in England will be
suspended for 2020-21 for firms
in the retail, leisure and hospitality
sectors with a rateable value
below £51,000
• Any company eligible for small
business rates relief will be allowed
a £3,000 cash grant.SFFS Simply Wealth Spring Budget_Mar 20