Rishi Sunak Budget 3rd March 2021

Grab your favourite beverage of choice, here’s a snapshot covering 20 points from Chancellor Rishi Sunak’s Budget.

One stand out comment is, “Nobody’s take home pay will be less than it is now as a result of this policy.” While recognised as being bold in some areas, does it go far enough?

  1. Current furlough scheme extended to end September 2021, from July the Govt will introduce an employer contribution.
  2. Self-employed income scheme extended, more than 600k people who became self-employed in 2021 can claim the 4th Grant (Feb – April) and 5th Grant (from May).
  3. Apprentice payments double to £3k for all new hires, and new-flexi apprenticeships will allow people to work for different employers in the same sector.
  4. New Restart Grant starts in April to help businesses – retail (1st), and hospitality and leisure (2nd).
  5. New Recovery Loan Scheme from £35k to £10m are to replace Bounce Back and Business Interruption loans and will be available to businesses of any size.
  6. The current 100% business rates holiday is extended until end of June 2021.
  7. The current 5% reduced VAT rate is extended for 6 months for hard-hit hospitality and tourism sectors. Tapering increase 1st October (12.5% rate), with a return to the 20% rate April 2022.
  8. Current stamp duty nil rate band threshold of £500k is extended to end June, tapered decrease to £250k, then returning to previous level of £150k from October 2021. The Govt is to offer lenders guarantees for 95% mortgages.
  9. Freeze on personal tax threshold with no increase in income tax, NI or VAT.
  10. A new Taxpayer Protection Taskforce will be created to tackle Covid fraudsters.
  11. In 2023 corporation tax paid on company profits increases to 25%.
  12. Businesses with profits of £50k or less will be subject to a Small Profits Rate at 10%.
  13. Innovation being encouraged for green initiatives, including a boost to regional areas with ‘green economy’ plans.
  14. There will be a super deduction for businesses investing in new equipment.
  15. No increase in alcohol or fuel duties.
  16. Digital adoption will be supported through a Super Deduction for businesses investing in new equipment.
  17. Up-skilling is supported through MBA style training. Register now for Help to Grow here:
  18. Visa changes will attract highly skilled workers in science, technology and more areas.
  19. Future Fund: Breakthrough, is coming into force to fill the scale-up funding gap.
  20. The first 8 freeports will be introduced to boost trade and jobs (including Liverpool).