The legal limit for contactless payments will more than double, Chancellor Rishi Sunak will confirm in today's budget. The limit for a single contactless payment will rise from £45 to £100 as part of Mr Sunak 's plans to boost businesses as the UK recovers from the COVID crisis. You can watch and follow the budget live with special coverage and analysis from 12.30pm - and a special edition of the Sky News Daily podcast will be available to listen to from 7pm. "As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth," the chancellor said. The move comes despite fears of a growing fraud risk from the increased use of contactless payments. Advertisement On Tuesday, Sky News reported that some of Britain's biggest banks were urging the … [Read more...] about Budget 2021: Contactless payment limit to increase to £100, Chancellor Rishi Sunak says
21 month brexit transition period
Tory Rishi Sunak today announced changes to tax, furlough and Stamp Duty in his 2021 Budget . The Chancellor said he must take "unpopular" and "honest" decisions as he reversed some Tory Corporation Tax cuts and cancelled an Income Tax break for millions of Brits. He warned next year borrowing will hit £234bn or 10.3% of GDP - “an amount so large it has only one rival in recent history, this year”. And Covid spending including fiscal support has hit £407bn. But in reality the Chancellor put off many of the most painful decisions until later and gave businesses a huge tax break for now - one he claimed was the biggest in history. He also extended several breaks and Covid support schemes beyond the end of the roadmap. Mr Sunak said more than 700,000 people have lost their jobs since March and the economy has fallen by more than 10% - the fastest fall in more than 300 years. “It’s going to take this country and the whole world a long time to recover from this extraordinary … [Read more...] about Budget 2021 summary: Key announcements at a glance as Covid spending hits £407bn
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
The chancellor has vowed to build a "fairer" country in memory of those who have died during the coronavirus pandemic. In an unprecedented Downing Street news conference following his 2021 Budget , Rishi Sunak acknowledged the victims and said financial support will continue long after COVID-19 restrictions end. Follow live coverage in the wake of Rishi Sunak's budget Budget 2021: All the key points He said: "To the family and friends left behind, your loss - felt most acutely in the quietest of moments - must be overwhelming. "But I promise you we will meet this moment with the passion and energy it demands, and we will build a fairer and more just country in their memory. Our recovery begins today." Advertisement He added: "It is going to take us a long time to fully recover from the damage coronavirus has done to our economy." Subscribe to the Daily podcast on Apple Podcasts , Google Podcasts , Spotify … [Read more...] about Budget 2021: Corporation tax rise and threshold freeze as Sunak vows to build ‘fairer’ UK in COVID victims’ memory
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?