Chancellor delivers Budget to lay foundation for a strong economy
Chancellor Rishi Sunak delivered a Budget with a view to supporting the UK economy in bouncing back following the coronavirus (Covid-19) pandemic.
The Chancellor announced that total departmental spending will grow by £150 billion per year in cash terms by 2024/25.
Public research and development (R&D) investment will increase to £20 billion by 2024/25.
The Office for Budget Responsibility (OBR) altered its prediction for economic growth in 2021 to 6.5% – a rise from the previous forecast of 4%.
Mr Sunak also announced that fuel duty will be frozen at 57.95p per litre for 2022/23, and alcoholic drinks will be taxed in proportion to their alcohol content.
Meanwhile, the government will give £11.5 billion to help build up to 180,000 affordable homes, whilst an additional £4.7 billion will be invested in the core schools budget in England.
The Chancellor also confirmed that the government will increase the National Living Wage to £9.50 per hour from April 2022, and cut the Universal Credit taper rate from 63p to 55p.
Business rates see change in the Budget too: the Chancellor unveiled a new temporary business rates relief in England for 2022/23 for eligible retail, hospitality and leisure properties.
For a detailed overview of the 2021 Autumn Budget and what the measures mean for you and your business, click here for our Budget Report summary.