Chancellor’s latest budget announcements
LATEST: Today’s budget updates: Key announcements:
UK economy forecast to return to pre-Covid levels by mid 2022
Unemployment expected to peak at 6.5% next year, lower than 11.9% predicted
Threshold for paying basic rate personal tax allowance rising to £12,750 in 2022
Higher rate tax threshold will be £50,270
Corporation Tax will remain at 19% for small businesses
Corporation Tax will increase to 25% in 2023 where profits are over £250,000
“Super deduction” in tax for companies investing in innovation
New UK Infrastructure Bank set up, based in Leeds
No increase in duty on alcohol and fuel
VAT registration threshold to remain at £85,000 until 2024
Business rates holiday extended to end of June
5% reduced VAT for hospitality and tourism extended to September 30th; 12.5% interim rate to April 2022
Stamp Duty extended to end of June
National Living Wage will rise to £8.91 from April
Universal Credit uplift of £20 to last until September
The UK Coronavirus Job Retention Scheme, furlough, is to be extended to the end of September. Under the latest extension, the employer will pay 10% of the furlough in July, and 20% in August and September.
A fourth grant from the Self-Employment Income Support Scheme will be available from April. More than 600,000 now eligible for cash grants
£150m pot to help communities save pubs at risk of closure
MBA-style training for small businesses to help boost productivity and growth
a £300m recovery package for sport
£300m added to the Culture Recovery Fund; £90m for museums & cultural bodies
£5bn grant scheme to help shops and hospitality reopen
£1.65bn added to UK Covid vaccine programme
95% mortgages available to all home-buyers up to £600,000
£126m invested into the traineeship scheme to encourage work placements
contactless payment limit to £100
£19m for domestic abuse programmes; £10m to support veterans with mental health issues and £40m for victims of the Thalidomide scandal
VISA reforms to attract talent from overseas