NFU President Minette Batters said: “In what has been a turbulent and uncertain year, the Chancellor’s plan will be welcomed by farm businesses.
“The NFU has consistently urged the Treasury to extend the CBIL and ‘Bounce Back’ loan repayment term to ten years and this will make this scheme more viable for our members. The initial lump sum covering three months’ profits for those eligible for Self-Assessed Income Tax and the ‘Pay as you Grow’ scheme to help businesses repay their Bounce Back loans will also prove to be helpful.
“I am hopeful that our members will benefit from the initiatives announced today and that further support for the self-employed will succeed in supporting cash flow during this difficult time. The NFU will monitor the government’s targeted approach to supporting businesses and continue to assess the impact of this pandemic on our members."