The KBSA, a trade association representing independent kbb specialists, has announced that it is welcoming the first budget from Chancellor Rishi Sunak, which included a number of promises to support business development and economic growth.
Whilst the budget included headline-grabbing spending promises, it was the measures to support companies dealing with the financial disruptions from Covid-19 that have dominated the headlines, said KBSA National Account Manager, Allister Reed.
‘The introduction of a 100 per cent Business Rates retail discount for one year for retail businesses with a rateable value below £51,000 is welcome. There were also other measures such as refunds for businesses and employers required to access Statutory Sick Pay (SSP), an additional £2.2 billion funding support for those small businesses that pay little or no Business Rates because of Small Business Rate Relief (SBBR), and a new temporary Coronavirus Business Interruption Loan Scheme.
‘The recent falls in stock market values and the drop in base rates from 0.25% from 0.75% by the Bank of England are signs that the economy is fragile and that the impact of Covid-19, could be far reaching.
‘The government is hoping that the temporary measures announced in the budget will reduce the negative impact on the economy and that other substantial investments announced, particularly on new housing and infrastructure, will help to rebuild confidence.’