Lee Holloway, Tax Partner at Grant Thornton UK LLP, said:
“This Budget prioritises immediate stimulation of growth over tax hikes, though the Chancellor has been clear that these will come further down the line with the Corporation Tax rise scheduled for 2023.
“Extensions for the furlough scheme and business rates relief are vital for the recovery of consumer businesses, particularly those in leisure, hospitality and retail which have been disproportionately affected by the pandemic. It’s positive to see support targeted specifically at the businesses that most need it, with the Restart Grants, VAT cut extension and the extension of profit loss carry-back rules all being welcome measures.
“Other notable announcements that will positively impact the recovery and growth of businesses in England by boosting workforce planning and talent attraction include the ‘flexi-job’ apprenticeship programme, the additional £126 million investment for traineeships for 16–24 year-olds and the extension and increase of incentives for hiring new apprentices.”