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