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- UK's finance minister Sunak outlines the details of 2021 budget
UK's finance minister Sunak outlines the details of 2021 budget
- Says support for self-employed will continue until September
- Universal credit uplift of GBP20/week will continue for another 6 months
- Pledges to provide new "restart grant" for businesses in April
- Says retailers will receive up to GBP6,000 per premise
- Hospitality venues will receive up to GBP18,000 per premise
- Total direct cash support for businesses will rise to GBP25 billion (additional GBP5 billion)
- Introduces a new "recovery loan scheme"
- Businesses of any size can apply for loan of GBP25,000 to GBP10,000,000
- UK business rates holiday to be extended until June (GBP6 billion "tax cut")
- Reduced VAT rate for hospitality to be extended until end of September
- Stamp duty holiday for homebuyers to continue until 30 June
- Additional GBP65 billion to be provided for COVID-support measures
- Total COVID measures for this year and next is GBP352 billion
- Total fiscal support over this year and next amounts to GBP407 billion
- We are using the full measure of fiscal firepower to protect jobs
- UK corporate tax rate to be increased to 25% from 19% in 2023
- New higher rate of corporation tax will not apply to businesses with profits under GBP50,000
- Only 10% of companies will pay the full higher rate of corporation tax
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