Budget Headlines - Hot off the Press!!

  1. Rishi Sunak says it will take the UK "a long time to recover" but he will do "whatever it takes"
  2. No changes to rates of income tax, national insurance or VAT
  3. Personal income tax allowance to be frozen at £12,570 from 2022 to 2026
  4. Higher rate income tax threshold to be frozen at £50,270 from 2022 to 2026
  5. Corporation tax on company profits to rise from 19% to 25% in April 2023
  6. Rate to be kept at 19% for about 1.5 million smaller companies
  7. Enhanced capital allowances and review of R&D to encourage investment
  8. Carry back of corporate tax losses to three years
  9. Recovery will be 'swifter and more sustained' than thought - unemployment may peak at 6.5% in 2022, lower than the 11.9% predicted
  10. Incentive grants for apprenticeships to rise to £3,000 and £126 for traineeships
  11. VAT cut for hospitality firms to be maintained at 5% until September
  12. Interim 12.5% rate to apply for the following six months
  13. Business rates holiday for firms in England will continue from April until June
  14. £5bn in re-opening grants for non-essential businesses of up to £6,000 per premises.
  15. Extension to the furlough scheme - which pays 80% of employees' wages - will be extended until the end of September
  16. Employers will be asked to contribute 10% in July and 20% in August and September
  17. A further 600,000 self-employed people will be eligible for help as access to grants is widened
  18. The Universal Credit top-up of £20-per-week will continue for a further six months
  19. The 5% reduced rate of VAT for tourism and hospitality will be extended for six months to the end of September
  20. The 100% business rates holiday in England will continue from April until June
  21. The stamp duty cut will continue until the end of June, with the nil rate band set at £250,000
  22. £19m is announced for domestic violence programmes
  23. There is £400m to help arts venues in England re-open; £300m for professional sport; £25m for grassroots football
  24. Treasury will establish a new economic campus in Darlington
  25. The amount borrowed is comparable only with that during the two world wars, he says; It will be the work of many governments, over many decades, to pay back
  26. UK to borrow a peacetime record of £355bn this year and borrowing will total £234bn in 2021-22

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