Name: Budget 2020: Rishi Sunak lays out £30bn plan to fight coronavirus and all key moments
Uploaded: 2020-03-13T04:31:00.000Z
Duration: 14 min 16 s
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This is the first budget of a new decade.

Adverbs of degree

First in almost 50 years outside the European Union, the first of this new government at the election, we said we needed to be one nation.

Basic passive voice

While talent is evenly spread, opportunity is not on.

This is a budget that will deliver on our promises to the British people.

On it is the budget of a government that gets things done.

Way promised to get Brexit done on We got it done way promised to let hardworking families keep more of what they are.

This budget gets it done Way promised to back businesses to innovate, Invest in trade This budget gets it done way promise to invest in science and research.

This budget gets it done way promised to deliver green growth and protect our environment.

This budget gets it done with new roads, railways, broadband and home.

Record funding for our n HS and public service is this budget gets it done.

Think government delivers its promises and gets things done.

Let me now set out our three point plan first.

First, whatever extra resources our n HS needs to cope with Corona virus.

It will get eso whether it's research for a vaccine, recruiting thousands of returning staff or supporting our brilliant doctors and nurses, whether it's millions of pounds or billions of pounds, whatever it needs.

Whatever it costs, we stand behind our n hs.

Second during this immediate crisis, if people fall ill or can't work, we must support their finances will make sure that our safety net remains strong enough to fall back on.

The Prime Minister has already announced that statutory sick pay will be paid from day one rather than day four.

Today, with the assistance of my right honorable friend, the work and Pensions secretary, we can go further.

Statutory sick pay will also be available for all those who are advised to self isolate even if they haven't yet presented with symptoms.

And rather than having to go to the doctors, you will soon be able to obtain a sick note by contacting 111 But of course, not everyone is eligible for statutory sick pay.

There are millions of people working hard who were self employed or in the gig economy.

They will need our help to, so to support them.

During this period, we will make it quicker and easier toe access benefits.

Those on con tribute Torri Employment and Support allowance will be able to claim from day one instead off day eight on to make sure that time spent off work due to sickness is reflected in your benefits.

I'm also temporarily removing the minimum income floor in universal credit and I'm relaxing the requirement for anyone to physically attend a job centre.

Everything can be done by phone or online.

Taken together, these measures on essay and universal credit provide a boost of almost half a £1,000,000,000 to all well fastest and to further support our people, I am also creating a £500 million hardship fund distributed to local authorities who will be able to use that fund to directly support vulnerable people in their local area S O.

That's a £1 billion commitment to support the financial security off our people.

But Madame Deputy Speaker, the best way to support people is to protect their jobs, and we do that by supporting our business is the third part of our plan the measures I've announced today on statutory sick pay are crucial to support those who need to take time off work.

But that cost would be born by business, and if we expect 20% of the workforce to be unable to work at any one time, the cumulative cost would hit our small and medium sized businesses hard.

So in recognition of these exceptional circumstances today, I'm taking a significant step for businesses with fewer than 250 employees.

I have decided that the cost of providing statutory sick pay tow any employee off work due to Corona virus will for up to 14 days be re funded by the government in full.

That could provide over £2 billion for up to two million businesses.

This will significantly ease the burden on businesses, but we can do more.

I have asked HMRC to scale up the time to pay service, allowing businesses and the self employed to defer tax payments over an agreed period of time.

Starting today, there will be a dedicated help line with 2000 staff standing ready to help now, although time to pay is important, it will still be the case that some good well run businesses will face problems with their cash flow.

They may struggle to pay people's salaries, paid their bills or buy new stock.

They will need loans to get through this period.

So today I am announcing a new temporary Corona virus business Interruption Loan.

Ski banks will offer loans of up to £1.2 million to support small and medium sized businesses.

The government will offer a generous guarantee on those loans, covering up to 80% of losses with no fees so that banks can lend with confidence.

This'll will unlock upto £1 billion of attractive working capital loans to support small businesses with MME.

Or as needed, taken together, I expect the combination of these measures to protect the vast majority of businesses through the worst of the crisis.

But I have two other measures that will use the tax system to support businesses through this.

Our manifesto promised that for shops, cinemas, restaurants and Munich music venues with a readable value of less than £51,000 we would increase their business rates retail discount to 50%.

I can go further and take the exceptional step for this coming year of abolishing their business rates altogether.

But there are tens of thousands of other businesses in the leisure and hospitality sectors currently not covered by this policy.

Museums, art galleries and theaters, Caravan parks and Jim's small hotels and B and B's sports clubs, nightclubs, clubhouses, guest houses.

They would not benefit from today's measure, but they could be some of the hardest hit.

So for this year I have decided to extend the 100% retail discount to them as well.

That means any eligible retail, leisure or hospitality business with a rate herbal value below £51,000 will over the next financial year.

That is a tax cut worth £1 billion saving each business up to £25,000.

And it means over the next 12 months, nearly half of all business properties in England will not pay a penny of business rates.

Our plan for prosperity starts immediately by putting more money in people's pockets.

It was a conservative government that in 2016 introduced the national living wage, giving Britain's lowest paid workers the biggest pay rise in 20 years on in just three weeks time, around two million workers will see their wage rise again by 6.2%.

For a full time worker, that's a pay rise of almost £1000.

The national insurance threshold from £8632 tau 9500.

That's a tax cut for 31 million people, saving a typical employees over £100 on way Already have more people working in our economy than ever before.

Women's employment is at a record high on sits 2010 full time weekly wages have grown faster in every region and nation of the UK than they have in London.

Theo Oh BR expect half a 1,000,000 people Maur or being worked by 2025.

Wages are expected to grow in real terms in every year of the forecast period.

The story of this government has been the story of a national jobs miracle.

Primary reason the people are not spending as normal is because they're following doctor's orders to stay at home, so the right immediate policy response is to provide security and support for those who get sick or can't work through funding.

Our public service is onda strengthened Safety net on.

On the supply side, the right response is to provide a bridge for businesses to ensure that what is a temporary impact on how productive capacity does not become permanent.

In other words, our response will be temporary, timely and targeted.

This is the right response on at the right time.

This year, the planned increase in spirits duty will be canceled.

Madam Deputy Speaker Pubs are at the center of community life Man and deputy speaker.

Pubs are at the center of community life, but too many have closed over the past decade.

Today, Theo Br have made an estimate they've never made before.

They have said in their words that today's large planned increase in public investment should boost potential output to if future governments have the same determination to continue our approach, the U.

K's long term productivity will increase by 2.5%.

Theo be all have confidence in the long term future of our economy, and so do I, Madam Deputy Speaker Maur Investment and higher growth mean more jobs on higher wages way already have more people working in our economy than ever before.

Women's employment is at a record high on.

Since 2010 full time weekly wages have grown faster in every region and nation of the UK than they have in London.

R expect half a 1,000,000 people Maur or being worked by 2025.

Given the last few weeks, I've had, I'm all in favor of jobs, miracles on inflation on inflation.

The OPR forecast 1.4% this year, increasing to 1.8% next year and then for the rest of the forecast period remaining on or around target.

I'm sure the whole house will join me in taking the opportunity to thank Mark Carney, the governor of the Bank of England, for his seven years of dedicated public service way.

Congratulate him on his new role as finance adviser for Cop 26 on Welcome, his successor, Andrew Bailey, who takes up his post on Monday, Madam Deputy Speaker.

Let me now turn to the fiscal four costs.

The economic impacts of Corona virus remind us of the importance of fiscal responsibility.

Our public finances are strong, with a deficit down from 10% in 2010 to less than 2% last year.

Our economy is well prepared for the future and it's well prepared because of 10 years of conservative left government on.

I too, will always act responsibly with the nation's finances.

But it is important that we update our fiscal framework to remain at the leading edge of international best practice.