The Budget and my business
12 March 2020
Key points which came out of the Budget on 11 March 2020 and which will be relevant to transport operators include (many relevant to Coronavirus generally but also, the financial knock-on effect):
- those advised to self-isolate will apparently be entitled to statutory sick pay, even if they have not presented with symptoms;
- self-employed workers who are not eligible should be able to claim contributory Employment Support Allowance;
- the ESA benefit will be available from day one;
- firms with fewer than 250 staff will be refunded for sick pay for two weeks (and we expect there to be legislation going through Parliament for this is the next few weeks);
- small firms will be able to access business interruption loans of up to £1.2m;
- business rates in England will be abolished for firms in the leisure, retail, and hospitality with a rateable value below £51,000;
- fuel duty will be frozen for the 10th consecutive year;
- firms eligible for small business rates relief will get £3,000 cash grant;
- subsidies for fuel used in off-road vehicles – known as red diesel – will be scrapped for most sectors in two years’ time;
- by the middle of 2025, more than £600bn is set to be spent on roads, rail, broadband and housing;
- £27bn is being earmarked for motorways and other arterial roads, including new tunnel for the A303 near Stonehenge;
- over five years, £2.5bn will be available to fix potholes and resurface roads in England.
Please contact email@example.com if you would like any advice.