The government announced plans to support small businesses in the Budget today.

The Chancellor, Rishi Sunak, revealed cuts to business rates and other support for small businesses.

Business rates will be abolished this year for firms with a rateable value below £51,000.

He also announced support for businesses during the coronavirus crisis.

Dave Miller, client account manager at Spicerhaart Corporate Sales, said: “These measures will go a long way to helping small businesses hit by the spread of Covid-19. Taken together with the loan guarantee scheme also announced by the Chancellor, and the payment holidays announced by major lenders, a lot of businesses will live to fight another day who might otherwise have gone under.

“That’s a very welcome first step and timely, too, as the coronavirus is already beginning to hit hard.

“There will still be many businesses and individuals who, through no fault of their own, find themselves facing financial difficulty as a result of the coronavirus. It is important that lenders of all descriptions adopt as flexible a stance as possible to deliver fair customer outcomes.”