Robert Colvile, Director of the Centre for Policy Studies, said:
‘This was an extremely impressive performance from the new Chancellor – and one that showed he is taking the threat of the coronavirus incredibly seriously.
‘The CPS called for the Chancellor to prioritise support for employees and small businesses in order to limit the economic damage. The Chancellor has taken our advice on credit and business rates, but gone much further with a £30 billion package to protect the people’s livelihoods.
‘This, alongside the interest rate cut and £100 billion lending facility announced by the Bank of England, shows that the Government is taking coronavirus very seriously indeed – and taking the right approach on it.’
On the rest of the Budget
‘We welcome the Chancellor’s focus on supporting businesses, especially small businesses, and levelling up regions across the UK.
‘We were particularly proud to see so many of the Centre for Policy Studies’ priorities reflected, from increasing the National Insurance threshold and other tax cuts for low-paid workers, to the overwhelming focus on supporting small businesses as the heartbeat of the economy, to the levelling up agenda, to the expansion of capital allowances for businesses, to the freezing of spirits duty.
‘However, amid all the focus on extra spending, it is vital that the Government also remembers the pressing need to live within its means and to raise GDP growth, as the only sustainable way to keep the economy on track.’