Budget 2020 Transcript

Snapshot from the Budget March 2020

Read through the headlines…more detail to follow

So to support them to manage their fixed costs, I am going to go a step further.

I am providing, to any business currently eligible for the small business rates relief, a £3,000 cash grant per business.

This is a £2bn cash injection direct to 700,000 of our smallest businesses.

Let me summarise for the House the fiscal impact of our immediate response to coronavirus.

Taken together, the extraordinary measures I have set out today represent £7bn to support the self-employed, businesses and vulnerable people.

To support the NHS and other public services, I am also setting aside a £5bn emergency response fund – and will go further if necessary.

Those measures are on top of plans that I will set out later in this Budget, which provide an additional fiscal loosening of £18bn to support the economy this year.

That means I am announcing today, in total, a £30bn fiscal stimulus to support British people, British jobs and British businesses through this moment.

Speech transcript 2020 budget
Good new for small businesses

And, of course, if further action is needed as the situation evolves – I hope the whole House knows, I will not hesitate to act.

I believe this represents one of the most comprehensive economic responses of any government anywhere in the world, to date.

The Governor of the Bank of England and I are in close contact with our counterparts, around the world, in the G7 and the G20.

And to support the global response, I’m also making new funding of £150m available for the IMF’s relief efforts.



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