An Oxford MP visited the Covered Market to speak to small businesses about the upcoming Budget.
Four Lib Dem MPs, including Layla Moran, who represents Oxford West and Abingdon, visited the market yesterday morning (Monday, November 24).
The Lib Dems are proposing an emergency 5 per cent VAT cut for pubs, restaurants and other hospitality and entertainment businesses should be included in the Budget.
The Budget will be set by the government on Wednesday, November 26.
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Layla Moran told the Local Democracy Reporting Service: “The delay to the Budget itself and the flip-flopping that Rachel Reeves has been doing […] small businesses think that has been reflected in footfall too.
“People are worried about if they are going to be able to afford what they need to buy for Christmas, so they haven’t been doing it.
“What I hope is now that now Wednesday is coming, Rachel Reeves listens to the Liberal Democrats.
“We put forward an emergency plan for high streets and households that would save £270 in households pockets.
“That would help drive footfall into city centres, help to boost the economy and also support jobs.
“This will be paid for by a one-off windfall tax on big banks.
“What Government can often do is send a signal.
“If the Government says we want you to support small businesses and support your local pubs and restaurants and go into the centre of town, you can do that by a VAT cut.
“That’s why we think that would be so powerful, not just for the bottom line of businesses but also telling everyone this is important as a nation we need to go support our small, local independent businesses.”
Sarah Jordan, founder of Y.O.U, a sustainable fashion shop in the Covered Market, said she supported the Lib Dems proposal, but that retail businesses should also be included in the VAT cut.
She said: “If you’re trying to reinvigorate the high street, you need both. You really see that in Oxford city centre where you’ve lost so many businesses. George Street and Cornmarket is a real mess.
“You need both to bring people in, and it would make a big difference if it was widened to include retail.
“The delay [to the Budget] is having an impact.
“It all causes uncertainty with customers, they are not quite sure what is coming through and what impact it’s going to have, so they are waiting for purchases.
“It makes it harder for businesses to plan and invest, and it makes it harder for customers to commit to buying decisions.
“Over the four years we have been here we are seeing this get later and later, and it’s definitely true.
Fellow Lib Dem MPs Charlie Maynard, who represents Witney, Alex Brewer, who represents North East Hampshire and Joshua Reynolds, who represents Maidenhead, also spoke to the businesses.
Charlie Maynard said: “They’re cost of labour have gone up enormously with national insurance, their business rates are being put up, their energy costs are really high.
“VAT is really strangling hospitality.
“Above all, businesses [want the Government] to tell them what to they are going to do, and for them to do it and stick to it.
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“Don’t promise that you’re not going to raise income tax, VAT and national insurance and then do so.
“Don’t have an unbelievably late budget and fly kites this way and that way – it’s incredibly unhelpful.
“Consistency and deliverability count.”
Dozens of protestors gate-crashed the meeting to demonstrate their views against the congestion charge.
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