Coronavirus (Covid-19)
- Increased resources to NHS, with no limit, for combating Covid-19
- £5bn emergency response fund
- Statutory sick pay from day 1 for all workers told to self-isolate even if showing no symptoms of Covid-19
- Minimum income level for Universal Credit removed
- Businesses with fewer than 250 employees will get sick pay refunded for up to 14 days
- Loans for small businesses to assist drop off in production & costs incurred through Covid- 19
- Business Rates abolished for small businesses in the leisure industry and some associated industries (below £51,000 rateable value)
- £3,000 grants to small business who do not pay business rates
- Total of £30bn fiscal stimulus
- New loans available to help small businesses
Economy
- Office for Budget Responsibility (OBR) forecast government borrowing will increase from 2.1% of GDP in 2019/20 to 2.8% in 2021/22
- £175bn investment over the next 5 years for UK prosperity
Taxation
- NI threshold increased to £9,500 from April 2020
- No increase in any alcohol duty
- VAT on sanitary products abolished from January 2021
- Fuel duty remains frozen
- Business rate discount for pubs increased to £5,000 for one year
- Entrepreneurs relief reduced to a lifetime limit of £1,000,000
- Junior ISA and Child Trust Fund annual contribution limit will increase from £4,368 to £9,000 in 2020/21
- Abolish tax relief (for some industries) on ‘red diesel’ in two years
- VAT on digital books, magazines & newspapers abolished from December 2020
- Extra funding to secure money from tax evaders
- Corporation tax to remain at 19%
- R&D investment rising to £22bn annually
- Levy on electricity frozen from 2022 in favour of a rise in gas
- Plastic packaging tax from 2022
Infrastructure
- £5.2 billion to improve flood defences
- Environmental improvement through tree planting and other measures
- Investment in various regions around the UK for growth, roads & superfast broadband coverage
- £27bn investment in roads & motorways including a ‘pothole fund’
