New support for businesses welcomed by local MP
Hemsworth MP, Jon Trickett, today welcomed the Budget’s support for local businesses.
The measures announced in today’s Budget include a temporary increase to the level of small business rate relief, a delay in the increase in fuel duty over the next three years and the continuation of the facility to allow businesses more time to pay their tax bills.
Lending is also being encouraged through an agreement with Lloyds and RBS to lend £105 billion to homebuyers and businesses over the next 12 months and of particular importance will be the new small business credit adjudicator with powers of enforcement to ensure that small businesses are treated fairly when applying for loans.
Jon Trickett said:
Many local businesses and entrepreneurs have come to me over the last year or so with problems with their banks and getting access to loans. The various relief schemes announced today will help new businesses who are starting up and those that are struggling during the downturn.
The credit adjudicator will be an independent body that will examine complaints about banks who aren’t lending. The Government has put in place loan schemes but I have come across many cases where banks have simply been ignoring them and refusing to lend. I am delighted to see a body put in place that will finally hold the banks to account.
Our money bailed out the banks and we are starting to see the real benefits of this. It was announced today that the tax on bank bonuses raised £2bn for the economy and the measures to force banks to loan will stimulate the economy further.