I MAKE no bones about the fact that this is a strong budget for small businesses, small farms, and the high street, which is where we want the focus to be given the nature of our economy in Cornwall.

After 14 years of austerity, chaos and decline, I have been relieved to see the way that Rachel Reeves has taken her first budget head-on. The first Labour budget in 15 years is a big win for Cornish working people and businesses. Still, it was a tough budget in some ways, with money larger firms off the high street having to pay their way. The budget focuses exactly on what Cornwall needs: extra support in Cornish pockets, and relief for our small and fledgling businesses.

Last week, I added my name to a letter by the All-Party Parliamentary Beer Group on supporting our hospitality sector. I also presented a Parliamentary petition in the Commons, urging support for The Dolphin Inn, Grampound, to be re-registered as an Asset of Community Value. I am proud that the government has listened to the needs of this sector, continuing the temporary business rates relief provided to hospitality venues during COVID by forgiving 40 per cent of rates for the next financial year.

Around 865,000 small businesses will benefit from this budget, for example with employers allowance and hospitality business rates relief. The Federation of Small Businesses’ chair is on record as stating this budget prioritises “everyday entrepreneurs working in local communities in all parts of the country.”

There is also welcome relief for Cornish veterans, with the government extending the Employer’s National Insurance Contributions relief for firms hiring qualifying veterans through to April 2026. Businesses will not pay NICs on veterans up to annual earnings of £50,270 for the first year of a veteran’s employment in a civilian role.

When I and other rural Labour MPs wrote to the Government ahead of the budget regarding the potential impact of Agricultural Property Relief, it is clear that our voices were heard, with inheritance tax being reserved for only the largest quarter of farm estates. I have not been afraid to be a critical friend to this Government but stand by this budget and contest the knee-jerk criticism from those representing the big farming lobby. I ask them: Who do they represent? Small family farms or those big estates who are the very people buying out small family farms?

This budget also thinks about the long-term future for the first time. From 2028, Income Tax thresholds will adjust with inflation, meaning working people will no longer have to worry about changing tax brackets just because of inflationary pay increases, echoing the calls I made earlier in the autumn to end the spectre of fiscal drag for low income workers and pensioners.

This budget is a welcome step to continuing this throughout the Parliament, and I look forward to supporting working Cornish families.

Noah Law

Labour MP for St Austell and Newquay