Today (Wed 3 Mar) the Chancellor, Rishi Sunak, has announced his 2021 Budget, which most importantly sets out the Government’s new measures to help businesses and jobs through the Covid-19 Pandemic and support the UK’s recovery.
2021 Budget Summary
Here’s a summary of the business headlines:
- Furlough to be extended until the end of September
- Support for the self-employed also to be extended until September
- 600,000 more self-employed people will be eligible for help as access to grants is widened
- Lower VAT rate for hospitality firms to be maintained at 5% rate until September
- Interim 12.5% rate will then apply for the following six months
- Business rates holiday for firms in England to continue until June with 75% discount after that
- £5bn in Restart grants for shops and other businesses in England forced to close
- £6,000 per premises for non-essential outlets due to re-open in April and £18,000 for gyms, personal care providers and other hospitality and leisure businesses.
As soon as I see updates on https://www.gov.uk/ and https://www.leeds.gov.uk/ with regard to grant and other financial support updates, I’ll let you know.
What are your initial reactions? Drop us a comment to let us know your thoughts on how this will affect your business in the short and long term recovery?
Otley’s Covid-19 Recovery Plan
As communicated last week via email and our social media channels, Otley BID have secured a £7,500 grant from Leeds City Council to assist with Otley’s Covid-19 Recovery Plan.
We would like your ideas and feedback on how you think we should spend this money, to help Otley’s speedy recovery from this pandemic.
The results of our survey (link below) will be discussed at our next Board Meeting on Monday 15th March and an Action Plan will prepared and discussed with the appropriate groups (Otley Town Council, Otley Chamber of Trade, Otley Town Partnership, Visit Otley, etc) to ensure a coherent and united response.
Please take just 5 minutes to complete our short survey – HERE.
Many thanks and please #StaySafe
Rachelle Atkin
Otley Business Improvement District Champion