Budget 2020: Treasury hints at help for businesses
British businesses can expect a £5bn boost for exports, according to a Budget preview released by the Treasury, 10 March. In a short email to Conservative party members, chancellor of the exchequer Rishi Sunak (pictured) is expected to increase funds to help industries and regions “seize global opportunities” post-Brexit.
The Budget, which is due to be announced 11 March, will also see a raising of the 'job tax' allowance from £3,000 to £4,000, which could offer relief to events businesses struggling in the face of the coronavirus.
There is also a £5bn pledge to roll out super-fast broadband into rural areas and expand 4G coverage.
The preview comes hours after travel trade association UKinbound says it has written to Department for Digital, Culture, Media and Sport(DCMS) secretary of state The Rt Hon Oliver Dowden MP and tourism minister Nigel Huddleston MP to repeat its ask for financial help for the tourism and hospitality industry, to mitigate the impact of Covid-19.