OUR RESPONSE TO THE BUDGET ANNOUNCEMENT

We welcome the confirmation in the Budget announcement that the furlough scheme will continue until September, along with the extension of the 5% VAT reduction scheme for hospitality until the end of September, moving to 12.5% until April 2022, and an extension of business rates relief until June. These measures will provide much needed support for many businesses facing a steep hill to recovery, especially those across the hospitality and leisure sector that have been hit the hardest over the last year.   

We also welcome the announcement of the new ‘restart grants’ for hospitality and leisure businesses, including personal care and gyms, who will be eligible for grants of up to £18,000 to support them with reopening, as well as the £6,000 grant for non-essential retailers. The proof as always will be in the detail, ease and speed of getting this financial support to businesses that need it most.

As the cultural heart of Birmingham, Southside is home to a number of the city’s key arts venues, and so we are pleased to hear that £400m will also be made available to support the reopening of businesses including theatres, galleries and live music venues.

We can’t underestimate the huge challenges that businesses are facing, with many of them fighting for their survival. The critical step now will be to ensure that the dates outlined within the government’s roadmap out of lockdown can be met, firstly with outdoor hospitality and non-essential retail from 12 April, and then 17 May for indoor hospitality, entertainment and attractions.

For more information on the Budget announcement, click here.