Rishi Sunak today has delivered his second Budget with the UK’s economic agenda dominated by the Covid-19 pandemic.
Setting out the government's tax and spending plans for the year ahead, he announced new measures to help business and jobs through the pandemic and to support the UK's long-term economic recovery and a series of tax-raising plans to help rebalance the public finances.
Some of the budget included:
Kara Stewart our Operations Manager has commented on the announcement
"The much-anticipated budget today will bring some relief for businesses especially with the extension of the Furlough scheme to September, as this scheme has been a lifeline for businesses UK wide over the past year. The duty freeze on Alcohol and extension to the VAT cut for hospitality, accommodation, and attractions, will provide a much-needed boost to hospitality as we focus on recovery and give distillers breathing room whilst dealing with the impacts of Brexit.
It is positive to see the implementation of the new Recovery Loan Scheme to help businesses of all sizes through the next stage of recovery. However, the increase to corporation tax albeit in 2023, does highlight that there will be future hurdles to face.
It’s reassuring to see the introduction of the Restart Grant in England that will be introduced in April. We will wait to see how the details of this will unfold for Scotland based on the announcement of £800 million in consequential funding expected for the devolved nations.”
You can find a breakdown of the budget here