Sunak mulls vital support scheme extensions
Chancellor Rishi Sunak is reportedly expected to extend the furlough scheme until the summer and prolong the business rates holiday for the retail, hospitality, and leisure sectors in the upcoming Budget on March 3. The business rates holiday was due to expire at the end of March but is set to be continued. The business interruption loan schemes, which are due to close on March 31, are also due to be extended. Sunak has abandoned plans to announce tax rises in next month’s Budget and is considering instead whether to cut employers’ National Insurance contributions as an incentive for them to hire more staff. Last month, the NACFB was invited by both HM Treasury and the British Business Bank to share a Budget wish list, an overview of initiatives can be found online here.