Budget could be helpful for Cumbria

Richard Ellison, chief financial officer for the building society, said: “The single most important thing is that the furlough scheme is now going to run substantially past the point at which we would expect all of the economy to have reopened.

“So this is a helpful budget for the businesses and communities of Cumbria and the North.

“As a specialist hospitality and tourism lender, we welcome the specific help the Government is offering the sector.

“The rate relief, the continuation of VAT at 5 per cent and a number of grants when put together will give businesses the ability to start back up before the full cost of running business returns.”

Chancellor Rishi Sunak confirmed that the stamp duty holiday will be extended, but The Cumberland does not expect that to have a major impact on the housing market.

Mr Ellison said: “The temporary short term extension of stamp duty is good news for those in current mortgage chains and seeking to move in Spring. It will remove the cliff edge effect that had been feared but it doesn’t offer an opportunity for a significant number of new customers to move down the same route.

“We share the Government’s ambition to help more people buy their first home and the Chancellor is right to identify the deposit as being a key issue.

“We have been market leaders in offering low deposit mortgages to our region and continued to support first-time buyers throughout the pandemic lockdowns when others withdrew. We will have to await the details of the Government’s mortgage guarantee scheme to determine how helpful the intervention will be in this important part of the mortgage market."