Chancellor delivers Budget at 12.30pmWatch
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
- 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
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.
Government mortgage guarantees for those with a 5% deposit - 95% mortgages to be offered from next month.
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.
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.
"The biggest business tax cut in British history."