Rishi Sunak has unveiled a £65bn boost for Covid-hit businesses and workers at the Budget but also warned he will soon begin the painful process of repairing the public finances.
The Chancellor unveiled extensions to the furlough scheme, business rates relief, the £20 boost to weekly Universal Credit payments and the stamp duty holiday. A tax-cutting scheme to spur business investment, a new loan guarantee programme and the location for the Government’s northern hubs were also announced
However, Mr Sunak started to shore up the public finances, announcing a tax hike for large businesses in 2023 and a “stealth tax” on workers.
Here’s everything the Chancellor announced in the Spring Budget 2021:
Key Budget 2021 announcements at a glance:
Follow our live business blog for the latest reaction and analysis to the Spring Budget 2021.
- The furlough and self-employment income support schemes have been extended until the end of September. Furloughed employees will receive 80pc of their salary but businesses will be asked to contribute to their wages from the end of July as the recovery gathers pace. The newly self-employed in the 2019-20 financial year will now also be able to receive the payments.
- The Treasury has confirmed extra funding for apprenticeships with a cash incentive to take on apprentices boosted by £1,000 to £3,000 per hire.
- The Chancellor has extended the £20 boost to weekly Universal Credit payments for a further six months.