Budget 2021: Protecting the Jobs and Livelihoods of the British People
March 4, 2021
The Chancellor of the Exchequer, Rishi Sunak MP, has delivered a Budget that meets the moment and sets us on a course to recover from the pandemic.
WHERE WE ARE:
- We are providing £407 billion of support for families, jobs and businesses, more than almost any other country in the world.
- Despite the unprecedented support, the economy has shrunk by 10%.
- Borrowing is at the highest it has ever been outside of wartime.
- IMF, Bank of England and OBR have all confirmed that our plan is working.
SUPPORTING PEOPLE AND BUSINESSES THROUGH THIS CRISIS
- Extending furlough until the end of September.
- Two further grants for the self-employed – and bringing in 19/20 starters.
- Restart grants of up to £18,000 to get our retail, hospitality, leisure and personal care businesses going again.
- Business rates holiday extended for 3 months, before tapering for another 9.
- Extending the VAT cut to 5% for a further six months, before tapering for another six.
- Continuing our stamp duty cut for another three months, before tapering for another three.
- Extending Universal Credit and Working Tax Credits by six months.
- More money for apprenticeships and traineeships.
- New Recovery Loans to replace our existing loan schemes.
- £700 million for arts, culture and sports.
- Brand new 95% mortgage guarantee for prospective homebuyers.
BEGINNING TO FIX THE PUBLIC FINANCES
- Asking the largest, most profitable firms to pay more by increasing corporation tax to 25% from 2023.
- Introducing unprecedented Super Deduction on capital investment for companies.
- Maintaining personal tax allowances at their current levels from April 2023 until 2026.
- Keeping inheritance, capital gains and pensions lifetime allowances & the VAT threshold at current levels.
- Keeping our manifesto pledge with NO increases to income tax, NICs or VAT.
- Freezing alcohol duty and fuel duty.
BUILDING OUR FUTURE ECONOMY
- Moving Treasury North to Darlington
- Launching our £150 million Community Ownership Fund
- Launching the first ever UK Infrastructure Bank in Leeds to invest in infrastructure and drive green growth
- Help to Grow to boost the productivity of our small businesses
- Visa reforms to attract highly-skilled migrants to the UK
