HEREFORD and Worcester Chamber of Commerce feel that the concerns of businesses have been addressed by the Chancellor's Budget today.

Rishi Sunak confirmed the business rates holiday will be extended until the end of June for hard-hit retail, hospitality and leisure firms before shifting to a two-thirds discount for the rest of the year.

Mr Sunak also told MPs that current VAT cuts for hospitality firms will also be extended for another six months, before tapering back to the previous tax rate.

Sharon Smith, chief executive of Herefordshire & Worcestershire Chamber of Commerce, said that the Budget has helped to ease concerns.

She said: “Many business concerns have been addressed in the Chancellor’s Budget Statement with extensions to major schemes such as the furlough scheme, VAT reductions and business rates holiday.

“The extra to support aimed at the self-employed is also welcomed, with an addition 600,000 people eligible for support.”

“The Chancellor knows that businesses may not be completely ready to stand on their own when the economy re-opens. This longer-term support will give businesses confidence and provide economic sustainability throughout the year.”

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Mr Sunak confirmed the furlough scheme will be extended to the end of September, as will support for the self-employed.

“Many businesses have been calling for this extension of the furlough scheme for months now, announcing this earlier could have eased worries of some businesses and allowed them to plan for the year ahead sooner," added Mrs Smith.

“The extension will be a welcomed relief to many businesses who have relied on the scheme to keep their staff however and will protect the livelihoods of millions of people as well as preventing a spike in unemployment after the spring.

"With renewed optimism coming from the hugely success vaccine rollout together with the roadmap to recovery, businesses can start to see the light at the end of the tunnel.

“The Chamber is pleased to also see the expansion of support made available to the self-employed. During the last 12 months far too many of these people have been left behind, an extra 600,000 people will now be able to access the support they desperately need.”

Mr Sunak also said the Government will not raise the rates of income tax, national insurance, or VAT.

Mrs Smith added: “Businesses were aware that there would be a price to pay for the governments record breaking support package. The cautious rise in corporation taxes will be offset by the new super deduction incentives for investment and lower rates for smaller firms leaving many businesses thankful.

“The new Super Deduction incentive will spurn business investment and addresses issues with businesses being cautious and hesitant to invest, leading to innovation and business growth which will drive the recovery of the economy.

“This plan for a future post-coronavirus will give businesses a platform to be optimistic and lays the foundation for success and prosperity for the UK economy.”