Budget schemes could be rural lifeline
Much of the message within the Chancellor of the Exchequer’s budget was to protect, create and support jobs, and this was much needed by some of the businesses within the rural economy that could not have been hit harder over the last 12 months.
Businesses had been calling for additional support to navigate out of the pandemic.
The Chancellor provided several additional business support schemes which could be a lifeline to many rural businesses. These are:
Restart grants scheme for hospitality, leisure, accommodation and retail, and like those grants distributed by local authorities over the past year non-essential retail could receive up to £6,000 per premises and the hospitality and tourism sector could receive up to £18,000.
There's the recovery loan scheme, with an 80 per cent guarantee given to lenders.
The business rates holiday in England is extended by additional three months, with a further relief for the remaining nine months.
The job retention scheme is extended to September 30, with a 10 per cent employer contribution required from July, and a 20 per cent employer contribution required in August and September.
Mike Atkin, Agricultural Accountant, WR Partners
