2 min Read
11 Mar 2020

Written by Liam

Over 30 years experience in financial services, residential lettings and property sales. Director of a leading national estate agency chain, until leaving in 2008 to pursue other commercial interests. Vast experience in new business development, business change, management development and business strategy.

More about Liam

Budget 2020 bullet point round-up

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’

 

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