Chancellor delivers Budget at 12.30pm

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CatusStarbright
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Today the Chancellor, Rishi Sunak, will today lay out tax and spending for the year ahead after the coronavirus has caused the biggest economic slump in more than 300 years.

I'll be watching and posting updates as to what has been announced in this thread, and I'm sure there will be others on here watching along too!

The BBC has a short video on what they are expecting to see: https://www.bbc.co.uk/news/av/business-56209030
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CatusStarbright
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What we know so far:

- Furlough will be extended until September
- The limit on contactless spending will be raised to £100
- A £300m recovery package for sport is planned
- An extra £300m will be put into the £1.57bn Culture Recovery Fund
- 95% mortgages to be brought back
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CatusStarbright
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The Chancellor has begun.
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CatusStarbright
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Furlough to be extended to the end of September under the same terms. In July, businesses will be asked to contribute 10%, rising to 20% in August.

Support for the self-employed will also continue during this period in the form of grants. Grant amounts will depend on how much of an income loss has been suffered.

The universal credit uplift of £20 a week will also go on until September.
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CatusStarbright
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Living wage to rise to £8.91.
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CatusStarbright
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£10 million to support veterans with mental health problems, and £19 million for domestic abuse programmes.
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CatusStarbright
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Lifetime support for the victims of Thalidomide.
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CatusStarbright
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£700 million to support sport and culture.
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imlikeahermit
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I doubt the bill for all of this will come in this budget, but the next budget is going to be a stinker.
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CatusStarbright
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(Original post by imlikeahermit)
I doubt the bill for all of this will come in this budget, but the next budget is going to be a stinker.
Very true, we are still in the 'fight the virus' stage at the moment, whereas next year we'll be more dealing with the aftermath.
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CatusStarbright
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The 100% business rates holiday remaining until June, with a 2/3 discount for the rest of the year.
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CatusStarbright
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Stamp duty cut remaining until June, with a phased return to the previous level.

Government mortgage guarantees for those with a 5% deposit - 95% mortgages to be offered from next month.
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CatusStarbright
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The 5% reduced rate of VAT will be extended until 30 September followed by interim rate of 12.5% for another six months, representing a £5bn cut in VAT.
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CatusStarbright
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A total of £352 billion pounds of measures for tackling Covid-19 this year and next year.

(Gulp!)
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CatusStarbright
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Sunak's three fiscal principles:

1. It is right to help people through an acute public crisis but in normal times the state should not be borrowing to pay for everyday public spending.
2. We cannot allow debt to keep rising.
3. It is sensible to take advantage of lower interest rates to invest in capital projects.
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CatusStarbright
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Two measures to manage the deficit:
1. Freezing the personal allowance after next year until 2026, with the higher rate likewise increasing next year and then being frozen until 2026
2. From 2023, corporation tax will rise to 25% (which will still be the lowest in the G7), with a Small Profits Rate to ensure only businesses with profits of over £250,000 will be taxed at the 25% rate

No rises in income tax or VAT.

A new HMRC task force to clamp down on fraud in coronavirus measures applications.
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DiddyDec
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So nothing particularly groundbreaking.
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CatusStarbright
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An investment-led recovery: for the next two years, when companies invest they can reduce their tax bill by 130% of the cost. This will supposedly boost business investment by 10%.

(Wow!)

"The biggest business tax cut in British history."
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CatusStarbright
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Alcohol and fuel duties to remain at current rates.
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CatusStarbright
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A commitment to 'green growth': the first-ever UK infrastructure bank to be based in Leeds, with an initial capitalisation of £12bn.
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