The Budget announcement by Chancellor of the Exchequer, Rishi Sunak has taken place.
Announcements include:
- The Coronavirus Job Retention Scheme will be extended until the end of September.
- The Self-Employment Income Support Scheme has been extended. The 4th grant will cover February to April, worth 80% of average trading profits up to £7,500. A 5th grant will be available from July.
- £3,000 for each new apprentice hired between 1 April to 30 September. An additional £126m for traineeships in England.
- £300m to extend the Culture Recovery Fund, supporting key national and local cultural organisations in England and protect jobs.
- £300m to back clubs and governing bodies across a wide range of sports in England.
- Eligible retail, hospitality and leisure businesses to pay no business rates for three months, with up to 66% relief for the rest of the year worth over £6 billion in 2021-22.
- Extending the temporary reduced VAT rate for hospitality and tourism.
- A tapered extension of the stamp duty holiday until 30 September, helping more people to purchase their homes before the deadline and supporting jobs.
- The mortgage guarantee scheme will encourage lenders to offer 95% mortgages, making home ownership more accessible to those with a smaller deposit.
- An increase in the Personal Allowance to £12,570 in April 2021, which will be maintained at that higher level until April 2026.
- From April 2023, the rate of Corporation Tax paid on company profits will increase from 19% to 25%. Companies with profits under £50,000 will remain at 19%, meaning only 10% of companies will pay the higher rate.
- The Government is investing £25bn in the UK's future growth & prosperity with the biggest two year business tax cut in history. Through the 130% super-deduction, companies can cut their taxes by up to 25p for every pound they invest.
- Alcohol duty will remain frozen for the second year in a row, saving consumers £1.7bn over the coming years.
- Fuel duty will remain frozen for the eleventh consecutive year.
- The new UK Infrastructure Bank will boost investment to accelerate progress to net zero, and 'level up' the UK.
- UK to launch world’s first sovereign green savings bond for retail investors, allowing savers to help drive the country’s transition to net zero by 2050.
- Help to Grow: Management will give the leaders of 30,000 SMEs access to world-class training on everything from financial management to marketing.
- Help to Grow: Digital will give small businesses free online technology advice and 50% discounts on new productivity enhancing software.
- £1.65bn investment to continue quick and efficient vaccine rollout and further funding for new technology to support future vaccination programmes.
- New plans to help attract top level talent from all around the world.
- Continued support and investment in UK businesses through one-off Restart Grants, a new government-backed UK-wide Recovery Loan Scheme and the UK-wide Future Fund: Breakthrough scheme.
- An additional £2.4bn for the devolved administrations in Scotland, Wales and Northern Ireland through the Barnett formula, and measures to grow a greener, more sustainable future.
- Following a successful bidding process, eight Freeport locations have been selected across England, including Liverpool.
