Bob Seely MP has given his response to this year’s Budget statement, as set out by the Chancellor of the Exchequer on Wednesday.
Rishi Sunak has detailed his plans for the country’s economic recovery from the COVID-19 pandemic, which includes a freeze on both alcohol and fuel duty, but the increase of corporation tax to 25% from 2023 and a freeze on the personal tax allowance for 5 years.
Mr Seely has responded by saying:
“I welcome Rishi’s Budget Statement.
“Many Islanders and Island businesses will be supported by the extensive measures announced by the Chancellor. The Government has recently set out a road map to gradually lift lockdown, and this Budget Statement has set out strong measures to get our economy back on track.
“Firstly, the budget will support both employed and self-employed Islanders. The extension of the Furlough scheme to September, three months after a full lift of lockdown, gives businesses time to recover and bring Islanders back into work. The Government is also providing additional support for entrepreneurs, providing two further grants that would also benefit those who became self-employed last year.
“The increase in National living wage to £8.91 will give working families a rise in disposable income, worth almost £350 a year.
“Islanders will also be supported when purchasing homes. The Government has extended the stamp duty holiday for a further three months to allow for those completing purchases to finish on time. Additionally, it is also providing a mortgage guarantee to encourage banks to provide mortgages with a 5% deposit helping first time buyers.
Article continues below this advertisement “We’ve set out extensive support for tourism and hospitality businesses. The 5% reduced rate of VAT for hospitality and tourism has extended for a further six months to the end of September and will then be 12.5% for the next six months. Secondly, the government will provide reopening grants to businesses of up to £18,000 to restart after lockdown. Thirdly, the 100% business rates holiday will continue until June and then at a 66% reduction for the rest of the year.
“I very much welcome the announcement of a freeport in the Solent region, covering much of the Isle of Wight, and for which I have been pressing Government.
“The Solent Freeport will be critical especially after the pandemic as it will increase investment and businesses on the Island through lower taxes and cheaper customs.
“Festivals and Arts are a key part of Island life, the £700m provided by the government should allow for arts and culture to resume. This isn’t just important for the Island’s economy, but also our quality of life and mental health too.
“I welcome the £150 million Community Ownership Fund. These funds will support our local leisure facilities and businesses that bind our communities together. I will be working closely with the council to bid for the Levelling Up and Shared Prosperity Funds that can deliver transformational change to parts of the island through regeneration.
“With a clear strategy now in place to lift lockdown and the Covid-19 vaccinations well under way, I believe that we can look forward to the rest of this year with a sense of hope. I will continue to work with both local and national government to get the best deal for the Island”.
1% for the nurses!
Wonders how much MP’s will be voting themselves this year?
£700 million for arts and culture, and just 1% for Nurses and this man thinks its a good budget. Does he know you can live without arts and culture , but Nurses save lives, the mans a fool and the sooner he’s voted out the better.
What do you expect?- He’s a Tory!
Sorting the ferries out will improve quality of life for most islanders, not some stupid Arts museum, or whatever rubbish he’s on about
He might welcome it, but how about fighting for a bit more of a pay rise for the front-line NHS staff, not the managers, they get paid enough, but the real frontline staff, the ones who actually come face to face with the patients.
1% for Nurses!
How long before they vote themselves a pay rise?
Bet it will be more like 11%