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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

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