Economic Update

Conor Burns Excerpts

Monday 11th January 2021 Commons Chamber

[Rishi Sunak]

The grants we have put in place are one-off but can help businesses through to the spring. Additionally, they will, of course, continue to receive the monthly grants of up to £3,000, which will be paid throughout. That means that, for example, over the next three months, a business could receive up to £18,000 in cash support. We will, as the hon. Lady said, have a Budget on 3 March, before that time elapses, at which point we will set out the next stage in our economic response to coronavirus.

[Conor Burns (Bournemouth West) (Con)]

My right hon. Friend the Chancellor knows—not least from the conversations he had last November with businesses in my constituency—how heavily our local economy depends on the hospitality sector and how hard hit it has been. Will he give me and the sector an assurance that he will look sympathetically at its calls to extend the lower rate of VAT and the business rate holiday? What message has he got for the sector about its importance to the UK economy and to the wellbeing and quality of life of our citizens?

[Rishi Sunak]

I thoroughly enjoyed my conversation with my right hon. Friend’s local businesses. He mentioned exactly the right point: quality of life. This is not just about our economy and jobs; this industry is so vital for our wellbeing, and it brings spirit, life and vitality to our local communities. He can rest assured that I will want to continue supporting the industry, as I have done in the past, and I will bear what he says in mind for future Budgets.