Economic Recovery

Treasury – in the House of Commons on 9th March 2021.

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Photo of David Simmonds David Simmonds Conservative, Ruislip, Northwood and Pinner

What fiscal steps he is taking to support the UK’s economic recovery.

Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer

Taking into account all the measures announced since last March, this Government are providing more than £400 billion of direct fiscal support to the economy over this year and next. That will rank as one of the most comprehensive and generous responses of any country anywhere in the world.

Photo of David Simmonds David Simmonds Conservative, Ruislip, Northwood and Pinner

[Inaudible]—and the further support announced for businesses. The extension of the VAT and the business rates holiday, alongside the restart grants, are particularly welcome for businesses in my constituency of Ruislip, Northwood and Pinner, especially on our high streets. Does my right hon. Friend agree that these steps will support our short-term economic recovery, and ensure that businesses have the breathing space to protect jobs as they begin to bounce back?

Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer

My hon. Friend is absolutely right. Our priority economically is to protect, support and create as many jobs as possible, and the support that we have provided to businesses will help to do that. My hon. Friend talks about breathing space; he is right to say that measures to improve businesses’ cash flow in the short term will help give them the breathing space they need to drive our recovery as they begin to reopen in the coming months.