Businesses in Upminster today got the chance to grill local MP, Julia Lopez, and Conservative Party Chairman, Richard Holden MP about the Chancellor's Budget.
Hosted by Havering law firm, Pinney Talfourd, at their Station Road office, the exclusive Budget briefing allowed local companies including manufacturers, hospitality venues and solicitors to ask the two MPs about the government's plans for the economy. The event was also attended by a number of Havering councillors.
Mrs Lopez and Mr Holden talked through a range of measures in the Budget, focusing on those that will have the biggest impact on Havering's residents and businesses.
These included:
- An extra 2% cut to National Insurance contributions for employees and the self-employed. Coupled with the 2% reduction in the Autumn Statements an employee on average income will see a tax reduction of £900.
- An increase to the child benefit tax credit thresholds to make life easier for working families, helping half a million families by an average of £1,260 - an issue that Mrs Lopez had personally lobbied the Chancellor on after constituents wrote to her.
- Help to small businesses by increasing the VAT registration threshold from £85,000 to £90,000 and the extension of the covid loan repayment period.
- Help for high street hospitality businesses through a freeze on Alcohol Duty, keeping the cost of pints down and protecting local pubs
- Help for Havering's motorists through a freeze on fuel duty.
- More money into health, and the protection of public spending across all government departments with a real increase in cash terms.
Mrs Lopez, as Creative Industries Minister, also highlighted the support being given to the TV and film industry - which will soon employ even more local people with the major investment in Dagenham's Eastbrook studios - and the extension of the Thames Freeport's tax reliefs, which are attracting hundreds of millions of pounds of investment into the region.
Julia Lopez MP said:
“It was great to speak with so many local business leaders about the Chancellor’s Spring Budget at such a brilliant event hosted by Pinney Talfourd. Having met the Prime Minister’s goal of halving inflation, the Government has been able to cut taxes for more people and businesses in Hornchurch & Upminster.”
Richard Holden MP, Chairman of the Conservative Party said:
“It was great to join Julia Lopez MP in meeting so many local business and community leaders to discuss the Conservative Party’s plan to build a stronger economy and back business. Businesses like those on Upminster High Street are the backbone of our economy and are being supported with a rise to the VAT threshold for small businesses, the freeze on alcohol and fuel duty, and a 2% cut to National Insurance contributions for the self-employed. I was pleased to hear from local manufacturers that they have made use full expensing to offset investment costs and from Julia how measures to drive investments in freeports and the creative industries will have a particular impact in growing the local economy.”
Philip Cockram, Managing Partner at Pinney Talfourd LLP said:
“Julia Lopez and Richard Holden very kindly attended our Upminster office today and spent time speaking to us about the Spring Budget and its implications for business. We had some 60 guests from local businesses and organisations across a number of different sectors, all interested to hear direct from Julia and Richard on the Government’s thought process and intentions in the Spring Budget and the practical consequences this will have for us. Julia and Richard both spoke with great confidence in the Government’s present and future plans for business, their commitment to business growth and placing business at the centre of their plans for a successful and growing economy, both locally and nationally. Julia and Richard were keen to receive feedback and comments from the businesses in attendance and everyone present was very grateful for the time they took to listen to us. For my part, I was left with no doubt as to their engagement, focus and intended support to the needs of local businesses in the short and longer term.”
