Isle of Wight MP Bob Seely has called Chancellor Rishi Sunak's statement on jobs and the economy, delivered at Westminster this lunchtime (Thursday), 'much needed good news'.

Among the measures, Mr Sunak unveiled a 'job support scheme', as a replacement for furlough, as part of the next phase of the Government’s economic response to coronavirus.

Furlough ends on October 31.

The Chancellor also revealed changes to business loans and tax, which he said would help businesses fight the economic problems caused by Covid-19.

And there was a package of measures for the hard-hit hospitality industry.

Read more: Chancellor Rishi Sunak unveils 'job support scheme' to replace furlough after October 31

Reacting, Bob Seely said: “It’s good and important news that the Chancellor has announced the reduced 5% VAT rate for the tourism and hospitality industry will remain in place until March 31.

"This is much needed good news for many Isle of Wight businesses and something that I have been telling ministers we need. I’m glad the Chancellor has listened and is taking action.
 
“In general, we need a measured approach to this dreadful virus, one that protects the vulnerable without destroying the life chances of the young. I think the Government is working towards a better balance.
 
“I will be discussing the Chancellor’s statement today with the Island’s business community to seek their feedback and I will continue to make sure that their voices are heard in Westminster.”