Chancellor of the Exchequer Rishi Sunak will deliver the Budget tomorrow, with families and businesses across the United Kingdom nervously waiting to see how any changes and support will affect them.
There have been suggestions of numerous increases in tax such as income tax and corporation tax but the government has said that it will be doing all it can to support households and businesses as the country aims to bounce back from the COVID-19 pandemic.
The furlough scheme is expected to be extended until at least June, with lockdown measures expected to be slowly eased before hopefully being fully listed as we head into the summer. Many sectors will remain closed for several weeks yet and therefore stopping the scheme at this point appears to not even be an option as it would likely cause mass job losses.
A mortgage guarantee scheme is expected to be announced that will help home buyers purchase properties worth up to £600,000 with a deposit of just 5%. This isn’t expected to be limited to just first time buyers and estate agents believe that this could provide a major boost to the sector.
One of the main rumours has been about an increases in corporation tax over the next few years from the current 19% to 23%. Income tax thresholds are also likely to be frozen.
Further money will be put towards the United Kingdom’s vaccine rollout and an update is expected on Universal Credit with the temporary increase of £20 a week expected to be extended by between three and six months, to help support those vulnerable households.
The Budget will be live on various news channels such as BBC News and Sky News from 12.30pm tomorrow afternoon.
