Chancellor Rishi Sunak has announced the details of the Budget. Here are the key details:
- CONTACTLESS PAYMENT CAP WILL INCREASE TO £100
- FURLOUGH SCHEME EXTENDED UNTIL THE END OF SEPTEMBER (Employers will be expected to contribute 10% towards this from July and 20% from August
- SELF-EMPLOYED SUPPORT SCHEME EXTENDED
- UNEMPLOYMENT EXPECTED TO PEAK AT 6.5%
- BORROWING FOR 2020/21 EXPECTED TO HIT £400 BILLION
- UNIVERSAL CREDIT UPLIFT OF £20 A WEEK WILL CONTINUE FOR A FURTHER SIX MONTHS
- RESTART PROGRAMME SUPPORTING OVER A MILLION PEOPLE
- KICKSTART SCHEME SUPPORT OF 250,000 YOUNG PEOPLE
- BUSINESSES PAID DOUBLE (NOW £3,000) FOR ALL NEW APPRENTICE HIRES
- WORKING TAX CREDIT CLAIMANTS WILL GET A ONE-OFF £500 PAYMENT
- £10 MILLION TO SUPPORT VETERANS WITH MENTAL HEALTH PROBLEMS
- NEW RESTART GRANT FOR BUSINESSES FROM APRIL. NON-ESSENTIAL RETAIL GRANTS OF UP TO £6,000 PER PREMISES. HOSPITALITY, GYMS AND OTHERS WILL GET GRANTS OF UP TO £18,000. £5 BILLION POUNDS OF NEW GRANTS
- £19 MILLION FOR DOMESTIC VIOLENCE PROGRAMMES
- BACKING THE UK & IRELAND’S 2030 WORLD CUP BID
- NEW RECOVERY LOAN SCHEME FOR BUSINESSES – BUSINESSES OF ALL SIZES
- 100% BUSINESS RATES HOLIDAY IN RETAIL, HOSPITALITY AND LEISURE SECTORS WILL CONTINUE UNTIL THE END OF JUNE – REMAINING MONTHS OF THE YEAR THEY WILL BE DISCOUNTED BY 66%. A £6 BILLION TAX CUT FOR BUSINESS.
- 5% REDUCED RATE OF VAT EXTENDED UNTIL END OF SEPTEMBER FOR HOSPITALITY. VAT TO BE CUT BY ALMOST £5 BILLION UNTIL NEXT YEAR.
- HOUSING – STAMP DUTY CUT EXTENDED UNTIL END OF JUNE ON PROPERTIES UP TO £500,000
- MORTGAGE GUARNATEE SCHEME LAUNCHED FOR HOME OWNERS THAT CAN ONLY AFFORD A 5% DEPOSIT – SEVERAL LENDERS INCLUDING NATWEST AND LLOYDS HAVE COMMITTED TO OFFERING THESE MORTGAGES.
- IN APRIL 2023, THE RATE OF CORPORATION TAX WILL RISE TO 25%. SMALL BUSINESS PROFITS OF £50,000 OR LESS WILL REMAIN AT CURRENT 19%. ONLY 10% EXPECTED TO PAY THE FULL HIGHER RATES.
- PERSONAL TAX THRESHOLDS WILL BE FROZEN
- ALCOHOL DUTIES WILL BE FROZEN FOR THE SECOND YEAR IN A ROW AND FUEL DUTY INCREASE CANCELLED
