Businesses large and small broadly got what they wanted from Rishi Sunak in the short-term. Whether corporation or corner shop, what matters at the moment is how companies get through the next week, not next year, and that means support to retain jobs and offset the cost of enforced closure. Employers and employees had to endure an unnecessary 10-day wait for confirmation that Boris Johnson's COVID roadmap will be backed by an extension of furlough, the business rate holiday and a fresh round of cash grants, but it was welcome nonetheless. Budget calculator: Find out if you are better or worse off If and when the employment support scheme finally ends in September the state will have been paying the wages of millions of workers for 18 months, a remarkable intervention to which millions will literally owe their jobs. The extension runs beyond the provisional 21 June date set by the prime minister for full reopening of the economy offers both a cushion and a … [Read more...] about Budget 2021: Cautious Rishi Sunak offers short-term relief to UK businesses but hints at payback to come
A businesswoman who embroidered two royal wedding gowns fears losing her home after receiving little Government help. Chloe Savage's business has been devastated by coronavirus lockdowns and she has vowed to never vote Tory again. The expert needleworker embroidered wedding dresses for both Meghan Markle 's wedding to Prince Harry and Kate Middleton's nuptials with Prince William. The wedding industry has been in despair as ceremonies were cancelled during the year of restrictions. Ms Savage, 43, worked on the Duchesses' wedding gowns - including Kate’s blue silk and white lace garter. She says she fears losing her home after being given almost no support from the Government since the start of the pandemic. The needleworker, who was recently admitted to hospital with Covid, said she had received only a £1,000 Government grant in November. Follow the latest Budget 2021 news and updates live here The amount barely covered her business running costs for two … [Read more...] about Budget 2021: Royal wedding dressmaker still fears losing home after business devastated
Here are the key points from Chancellor Rishi Sunak's budget speech: • Economy expected to return to pre-COVID levels by the middle of next year, six months earlier than previously thought • GDP growth forecast for this year downgraded to 4% (from 5.5%) according to Office for Budget Responsibility • Unemployment expected to peak at 6.5% • Forecasts show government borrowing reaching £355bn in 2020/21, of 17% of the national income - the highest level since the Second World War. For 2021/22 it climbs to £234bn, 10.3% of GDP. • Debt is set to peak at 97.1% of GDP in 2023-24. • An additional £65bn in spending in response to coronavirus takes total fiscal support to £407bn • £1.6bn will go towards continuing the vaccine roll-out and improving future preparedness • Chancellor confirms furlough scheme will be extended until the end of September, with the government paying 80% of salary though employers will asked to put in 10% from July and 20% from August • Help for … [Read more...] about Budget 2021 key points: What was announced in Chancellor Rishi Sunak’s speech?
There are many figures contained in this budget but perhaps the most telling is a striking set of numbers announced by Rishi Sunak in the House of Commons. This budget , he said, contained around £65bn of measures to support the economy as it continues to battle COVID-19 . But, he added, this was dwarfed by the £290bn or so the government has already set aside to spend on the pandemic. In other words, it is far better to view this budget not as a discrete event but as a continuation of a set of fiscal policies which have been accreting since the pandemic first landed in this country last spring. But if we look specifically at the new policies the chancellor announced on Wednesday, what do we learn? Advertisement The first thing is that this budget represents a big fiscal giveaway for the first three years, followed by a big fiscal takeaway in the following three years. The initial largesse, in the form primarily of extended COVID-19 … [Read more...] about Budget 2021 offers £5bn stimulus and no Sunak vision for economy
It has become something of a tradition that a chancellor pulls a "rabbit out of the hat" - a measure to surprise and delight - towards the end of a budget speech. Those viewing the 56-minute statement had, after all, heard many of the main announcements before through a flood of leaks from the Treasury in advance of Rishi Sunak's update to the Commons. Wednesday's bunny remained firmly in its burrow but a case can be made for freeports being among the most important measures in terms of building an economic recovery from COVID-19 and a new avenue for trade following Brexit . Please use Chrome browser for a more accessible video player The headlines of the hour-long Budget speech from the Chancellor. Here, we will explain what freeports are but first reveal the successful applicants, as outlined by the chancellor, following a bid process that launched last October. Where will these freeports be? Advertisement Mr Sunak told … [Read more...] about Budget 2021: The post-Brexit freeports at the centre of Sunak’s speech