The chancellor @RishiSunak delivers an excellent, reassuring, robust and ambitious budget that is fair and shows commitment to growth and innovation. #budget2021
- Furlough scheme extended.
- New business recovery loan scheme.
- kickstart scheme to pay up to £3000 incentive to employers of apprentices of any age.
- Universal Credit £20 top up kept.
- Increased living wage to £8.49
- Mortagage initial deposit reduced to 5%.
- Hospitality, gyms, salons etc to receive restart grant of up to 18k
- Newly self employed to apply for 4th and 5th grant scheme.
- Stamp duty holiday extended.
- Personal income tax frozen.
- Alcohol and fuel duties frozen.
- Tax, Vat, and business rate cuts or holidays extended.
- Freeze personal income tax thresholds until 2026 for 12, 570 to 50, 270.
- Corporation tax up to 25% of profits over 50, 000 by 2023 while small profits less than 50k remain at 19% and struggling businesses remain unaffected.
- Banks to offer up to 95% mortgage cover
The chancellor reiterates that he will do whatever it takes to support people and businesses through this unprecedented times.
However, the chancellor has failed to address increasing poverty and inequalities in the society. Social housing, healthcare, social care and education. Statutory sick pay should have been increased, free school meals should been made available for every school child for the whole of the year.
Gender and racial pay gaps have not been addressed too.