I know many constituents in Broxtowe will be thinking about how the Budget announcement will affect them, their businesses and their livelihoods. Below is my breakdown of what the Budget means for businesses and livelihoods for those in Broxtowe 👇🏿
- Non-essential retail businesses in Broxtowe will receive grants of up to £6,000. This means businesses that have already been supported by Broxtowe Borough Council will be able to benefit from further financial support.
- Hospitality and leisure businesses, including the 59 pubs and 33 hairdressers in Broxtowe, will be able to benefit from up to £18,000 in grants.
- To protect hospitality and tourism jobs in Broxtowe, the 5% reduced rate of VAT will be extended for six months to 30th September.
- 100% business rates holiday will continue through to the end of June for eligible businesses in the retail, hospitality and leisure sectors in Broxtowe.
- All alcohol duties have been frozen for the second year in a row - meaning when our local pubs reopen, your first pint should not be any more expensive than before!
- We have kept our manifesto promises and have not increased income tax, national insurance or VAT, which will benefit not just businesses, but all those in Broxtowe.
- The introduction of the Super Deduction scheme encourages businesses investing to create jobs and growth, which will be backed up by reductions in their corporation tax. This means more jobs and growth in Broxtowe.
- Finally, in the East Midlands, we are getting a Freeport - a designated area where the UK’s usual tax and tariff rules do not apply. This will ensure that there are more good, high quality jobs here in and around Broxtowe!