Budget 2021: Lincolnshire businesses have their say

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During the Budget 2021 announcement earlier today, Chancellor Rishi Sunak announced his plans for the year, outlining he would do “whatever it takes” to help the country recover from the detrimental economic effects of the pandemic.

Headline points from the announcement on Wednesday, March 3, include an extension of the UK furlough scheme, key grants for hospitality and non-essential retail, stamp duty relief and plans to increase Universal Credit and the National Living Wage.

Lincolnshire businesses have their say:


Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership.

Pat Doody

Chair of the Greater Lincolnshire Local Enterprise Partnership
“The Chancellor’s announcement today of further support for businesses affected by the pandemic is most welcome. The extension of furlough until September, additional support for the self-employed and re-start grants to support businesses to restart after lockdown will all make a big difference when our economy starts to re-open.

“The extension to the VAT reduction for hospitality, accommodation and visitor attractions is of particular benefit in Greater Lincolnshire where we have a large and normally thriving hospitality sector.

“We are delighted that our bid for a Humber Freeport has been successful. We have worked in partnership with the private and public sector to develop a compelling bid for freeports on both sides of the Humber, and it is one that we know exporters and importers will welcome.

“A Humber Freeport will turbocharge our economy and support levelling up in our area, bringing increased investment of £3.5bn and around 7,000 high-quality new jobs.

“The announcement that BEIS will provide financial support towards the development of a major portside hub on the Able Marine Energy Park on the South Humber Bank to strengthen the UK’s offshore wind manufacturing capacity is fantastic news for our area. Locally the funding will enable up to 3,000 jobs and facilitate significant international inward investment in the area.

“There was also welcome clarity in the Chancellor’s speech about the UK Shared Prosperity Fund which will support communities as the Government moves away from EU structural funds.

“And we hope that the new Levelling Up Fund will provide further investment in infrastructure such as town centre and high street regeneration, local transports projects and cultural and heritage assets.

“The Greater Lincolnshire LEP will work closely with Lincolnshire County Council and others to ensure our voice is heard when it comes to attracting much-needed funding to our area.”


James Pinchbeck, Partner at Streets Chartered Accountants

James Pinchbeck

Partner at Streets Chartered Accountants
“In outlining the Government’s response and support to those affected and impacted by the pandemic, the Chancellor Rishi Sunak reiterated that the roadmap for our exit out of lockdown was irreversible. Acknowledging this measure of support for businesses, including the employees and the self-employed are going to be in place for perhaps much longer than might have been thought prior to today.

“This certainly takes into account that for many getting back to business, re-opening and returning to pre pandemic trading levels, is going to take some time, not least for sectors like the entertainment, hospitality & leisure, bricks and mortar retail- non essential, the arts and sport.

“For those that are self-employed, the news of the extension to the Self-Employed Income Support Scheme was most welcome with the provision of a 4th and 5th grant application.

“Great news too is that the scheme will also now be open to those who have not been able to apply, the newly self-employed, if they filed a Self-Assessment Tax Return by midnight on 2nd March.

“On a more local and regional basis it was great to hear that East Midlands Airport along with the ports and terminals at Grimsby, Goole, Immingham and Scunthorpe have been awarded Freeport status.

“These areas are key in terms of the regions trading links and logistics infrastructure Freeport status is bound to provide an economic boost not just to their respective immediate areas but also much further afield. The interventions and support that come through Freeport status should help in terms of inward investment, innovation and the creation of highly skilled jobs helping to enhance the competitive position of businesses located in the region but also looking to trade internationally.”


Katerina Pierce, Development Manager – Lincolnshire Federation of Small Businesses 

Katrina Pierce

Development Manager – Lincolnshire Federation of Small Businesses
“Was this the most ambitious budget in modern history, one which appropriately meets the Covid emergency? Arguably not but there is lots of good stuff in there that will help SMEs to get back to business, upskill and take a run-up towards full power.

“The 5% VAT extension will help Lincolnshire’s hospitality sector, the new Restart grants due in April will stimulate High Street firms and the confirmation that the furlough scheme will stay on until the Autumn is a huge relief and makes sound sense. It is also great news that the newly self-employed can start to benefit from grants now that they have made 2019-20 tax returns.

“However it is beyond disappointing to see Directors still frozen out of support after a year of being on the precipice. I know many here in Lincolnshire will be angry about this today, especially given that we have presented an entirely workable plan to the Treasury on how to support them.

“There’s devil in the detail which we’re taking a close look at now, but overall the moves made today will help many local firms have short to medium-term certainty about what their finances may look like for the rest of the year and – most importantly – know they can retain their staff while they concentrate on powering back up.”


Nicholas Smith, Director and Head of Tax at Duncan & Toplis

Nicholas Smith

Director and Head of Tax at Duncan & Toplis
“As he did last year, the chancellor promised to do ‘whatever it takes’, setting out a three point plan for fixing public finances and building the future economy, but this Budget was bold and innovative in many ways and I wonder how the public will react.

“While the cost of these announcements may be eye-watering, in my view it’s money well spent as it minimises the even greater cost of long term mass unemployment. The support measures should go a long way to ensuring our businesses can bounce-back quickly, preventing companies from closing for good and protecting people’s livelihoods.

“Overall, there was a theme of the chancellor introducing a more progressive tax system. Here, he has taken a sensible – though perhaps slightly brave – approach. Largely, he has decided not to increase taxes, at least for a few years until the economy has recovered, rather than risk hampering growth at a time when businesses need the most support.

“As we work through the cost and the administrative pain that businesses have faced following the exit from the European Union, in addition to the coronavirus pandemic, the incentives announced today will be most welcome. But, fundamentally, we need the UK to be a global, outward-looking economy, and with global trade, comes a greater need for digital skills which are vital for online marketplaces and working with foreign tax authorities. Unfortunately, I saw little announced to support this in the chancellor’s statement.”