On the whole, I think this is a really good budget for Ipswich. Clearly there are two items that are specific to Ipswich and the local area that stand out. Firstly, the £25 million that was announced for the Ipswich Town Deal that will fund 11 projects across the Town. These projects have now been confirmed having previously gone out for public consultation and I look forward to working closely with Dr Dan Poulter and other members of the Town Deal Board to turn these projects into a reality and a positive legacy for the Town.
Having Freeport East confirmed as one of the first freeports in the country was also great news. All in all, around 6,000 of my constituents are either directly or indirectly employed by the Port of Felixstowe and I’m very excited about what the implications of the Port being a freeport could mean for skills, jobs and investment in the area.
More generally however, I was also very pleased to see the significant amount of new support for businesses. Particularly the hospitality sector that has been so badly impacted by the pandemic. The recovery grants and the positive news regarding VAT, business rates and duties may well end up being a lifeline for many.
I signed a few letters ahead of the budget with other MPs. I signed one calling for the £20 increase in Universal Credit to be extended for as long as the pandemic and its effects go on for. I’m pleased it was confirmed today that the increase has been extended for 6 months. I also signed a letter calling for fuel duty to be frozen. I’m pleased that it was confirmed today that it has been frozen for a record 10th consecutive year.
I also believe that the decision to extend the furlough scheme until the autumn is wise. Hopefully by the time it ends, the economy will have had a good few months to really kick off following the end of the restrictions and we can safeguard as many of those jobs as possible.
Clearly, over the coming years the Chancellor is going to have to make a number of tough decisions to repay the huge debts we’ve incurred fighting this pandemic. He made a start today in outlining some of the ways he plans to do this. However, I was pleased that in outlining his approach to increasing Corporation Tax over time he is acutely sensitive to the need to not hit smaller businesses.