Christian Wakeford
Main Page: Christian Wakeford (Labour - Bury South)Department Debates - View all Christian Wakeford's debates with the HM Treasury
(3 years, 6 months ago)
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Steve Barclay
The support package announced by my right hon. Friend the Chancellor was designed to anticipate any potential slippage in the covid road map. The hon. Gentleman specifically mentions VAT, which has not been raised so far. The package of support in terms of reducing VAT totals £7 billion so far, with the 5% rate being extended to 30 September. Then there is a further transitional period for six months at 12.5%. Again, the narrative that VAT reductions are coming to an end, and that that is out of step with the covid road map, is not the case: the VAT reduction has already been extended to 30 September and then there is a transitional period at the lower level of 12.5%, in anticipation of the situation we face.
Christian Wakeford (Bury South) (Con)
The business rates holiday last year delivered a tax cut worth £10 billion for businesses in the retail, hospitality and leisure sectors—businesses such as the Goat’s Gate in Whitefield in my constituency, which won my best pub competition. Will my right hon. Friend confirm that 90% of the businesses that benefited last year will also receive a 75% cut to their business rates bill for the full year to March 2022, thus continuing to support vital businesses in Prestwich, Whitefield and Radcliffe?
Steve Barclay
My hon. Friend is absolutely right that businesses will continue to benefit from support. It is about getting the balance right between support for businesses and the cost to the Exchequer. There was 100% support for those businesses last year, and this year it equates to a 75% reduction in their business rates bill across the financial year.