Small firms will remember this budget for its generosity in difficult circumstances, says Warwick Business School

Stephen Roper, Professor of Enterprise at Warwick Business School, said:

"This budget will be remembered by small firms for its generosity in very difficult circumstances.

"Many small firms will benefit from Restart or re-opening grants and the continuation of the furlough scheme until September will we welcomed by many firms where business builds up slowly as the economy re-opens. The extension of the business rate holiday will also be a useful addition to cashflow in many firms.

"Rishi Sunak also announced some welcome longer-term measures including the £520m ‘Help to Grow’ programme, which will provide up to 30,000 small firms with leadership and management training and grants to improve their digital capabilities.

"Both should help create jobs during the recovery phase and contribute to longer-term productivity improvements. Less was said today about how we help firms transition towards net zero carbon emissions and this remains a key agenda item for the future."