Ceredigion’s MP has called for today’s Budget to include support for self-employed people and small businesses.

Ben Lake MP has called on Chancellor Rishi Sunak to extend the government’s financial support package for businesses and self-employed workers in the Budget today, as many struggle to stay afloat during continued lockdown restrictions.

The Chancellor, Rishi Sunak is to set out the UK Government’s Budget today, almost a year since the last one on 11 March.

To help businesses and our local high streets over the coming months, the Ceredigion MP has called on the Chancellor to extend the lowered rate of VAT at five per cent for hospitality and tourism for a year to March 2022 and to extend the business rates relief package.

Mr Lake also called on the Chancellor to retain the furlough scheme for the duration of pandemic restrictions, as recent figures show more than 178,000 in Wales are still receiving government help from the CJRS.

He also urged the Chancellor to expand the existing eligibility criteria for the Self-Employed Income Support Scheme in order to offer some help to the many individuals who have not received a penny in government support thus far.

Mr Lake said: “For many businesses and self-employed workers, the financial support government has offered over the last 12 months has been a lifeline.

"Now, as we are finally starting to see light at the end of the lockdown tunnel, we cannot remove this lifeline prematurely.

"Extending this help for a little longer, and expanding the criteria to help those that have been excluded thus far, would offer small businesses the support they require to ‘bounce back’ from the pandemic.”

Mr Lake added that the UK Government’s announcement of green investment for Wales is “nowhere near the level of ambition needed to meet the two-pronged economic and environmental crisis we face”.

The UK Government has said that in his Budget, the Chancellor will announce £93m in Wales for a green recovery. However, £58.7m of this funding is previously announced funding for City and Growth Deals, rather than being new funding. It is not yet confirmed how much of the remaining £34.3m will be new funding.

Mr Lake says that what Wales needs is for its government’s borrowing cap to be increased so that the country can “undertake a low-carbon infrastructure stimulus”.