Budget Resolutions and Economic Situation

Anne Marie Morris Excerpts

Monday 8th March 2021 Commons Chamber

[Anne Marie Morris (Newton Abbot) (Con) [V]]

This is a Budget of which I am proud. I think that the Chancellor has done an astoundingly good job. It is a responsible Budget. It has found that balance between helping businesses, helping people and giving them some certainty that, while we have this road map out of our current lockdown, the support will be there, and that is incredibly valuable.

I had one of my regular fortnightly meetings with my local businesses this morning, and I was interested to gauge their reaction. I have to say that it was overwhelmingly one of relief. They were delighted with what the Budget delivered, and they were particularly pleased with the extension of the business rates relief and, indeed, the extension of the VAT relief. I would like to take the opportunity to pay tribute to Teignbridge, my district council, and my local businesses for making the most of the opportunities to keep going and to survive—and that is what they have done.

However, there do remain some concerns. The first, which has already been rehearsed by a number of colleagues, is about those who have been excluded. For example, directors who have paid themselves historically by dividends have been totally left out of any support during the totality of this pandemic. It is not their fault—there was nothing wrong with being paid by that mechanism—and I would urge the Chancellor to look at that again.

My second concern is that the very smallest of businesses on the edge may or may not, by the time we come out this, just fall over that edge. For them, it seems to me that we need to look to the future. We need to look at how we can help them start again. We have a history of being very concerned about phoenix businesses, because too often unscrupulous businessmen or women have established businesses, made money on the back of others, and then folded them and taken away the profit. But going forward there will be some phoenixes, and we have to find a way of distinguishing good from bad. I would urge the Chancellor to look again at the credit record framework to find a mechanism to fairly support the truly deserving, but not those that are not.

A good Budget—well done to the Chancellor.