Rishi Sunak the Chancellor of the Exchequer announced his 2021 budget, with key statements being the extension of the furlough scheme until September and that support for the self-employed will continue with a fourth grant covering February to April, and a fifth grant from May.
Managing Director of the Entrepreneurs Group Ltd, Keith McMean said: “I think on the whole this is a budget to celebrate, yes there will be a massive amount to pay back but I know investment in businesses, large and small will be unprecedented.
“The Corporation tax rise will be a major talking point over the coming days and weeks, but I think we need to remember that the 25% rate won’t take effect until April 2023, after recovery is well under way. Plus, small businesses with 50k or less of profits will remain on the current 19%. This will be the vast majority in Cumbria. Only businesses with profits of 250k and above will pay the full 25% rate. This will give all business a fair crack at getting back on track.
“My biggest concern for businesses in Cumbria and across the North West is the amount of loans they will accrue and how many will be able to make the repayments once they start.”
The Moor-Row based company said that unemployment rates have already been inevitability affected over the last twelve months even though the furlough scheme has protected more than 11m jobs since the pandemic began with 4.7m workers were on furlough in January of this year.
The firm is passionate about providing new opportunities for young and unemployment adults in Cumbria, highlighted through their recent launch of TEG Virtual free training programmes for 16–25-year-olds in Cumbria.
