Chancellor Rishi Sunak has set out an extra £65bn in COVID support for employees and businesses – but announced a freeze on income tax thresholds and a rise in corporation tax to help pay back the UK’s rising debts. In his budget speech, Mr Sunak set out a three-part plan to “protect jobs and livelihoods of the British people”. But he warned that “corrective action” would be needed to tackle the UK’s rising debt, as he set out how the government was now committed to spending £407bn on support during the COVID crisis, with borrowing at levels last seen in the 1940s. Follow live coverage following Rishi Sunak’s budget Budget 2021: All the key points Among his key measures, the chancellor announced: Advertisement • An extension to the furlough scheme until the end of September and more support for the self-employed • The £20-a-week uplift in Universal Credit will continue for another six months • The rate of corporation tax will rise to 25% in 2023, but with protections for smaller businesses • A freeze of the income tax personal allowance from next year until 2026, with a freeze in the higher rate threshold over the same period • A… Read full this story
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