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The chancellor will promise to utilise his "fiscal firepower" to protect the jobs and livelihoods of Britons when he delivers his budget on Wednesday. Rishi Sunak will tell the Commons that he will do "whatever it takes" to help business and people through the "moment of crisis" caused by the COVID-19 pandemic. In a lunchtime statement to MPs, the chancellor is expected to lay out a three-point economic plan focused on helping people through the pandemic, fixing the public finances and building the future economy. Possible announcements in Budget 2021 include: An extension to the furlough scheme An increase in corporation tax A freeze in income tax thresholds - a tactic which would not technically be a tax-raising measure but would still mean employees paying more as their salaries rise A six-month extension in the £20-a-week temporary increase in Universal Credit An extension of the stamp duty holiday, which is currently due to end this month … [Read more...] about Chancellor promises to use ‘fiscal firepower’ in budget to protect jobs and livelihoods

MARTIN Lewis is urging eligible households to apply for £5,000 Green Homes Grant vouchers amid rumours the scheme could be pulled. The Green Homes Grant initiative gives families money to spend on energy-saving measures around their home, such as insulation or a better boiler. The government says households could save more than £200 annually on energy bills thanks to the scheme. But speaking during his Martin Lewis Money Show on ITV last night, Martin said rumours are spreading that the project could close in March. The government has yet to officially make an announcement on whether these reports are true. The Green Homes Grant scheme has already been plagued with controversy, with funding to be slashed by around £1.5billion from April. What is the Green Homes Grant? THE Green Homes Grant sees the government cover at least two-thirds of the cost of certain green upgrades, up to a maximum £5,000. For example, a homeowner would pay £1,320 of a £4,000 … [Read more...] about Martin Lewis warning to apply for £5,000 Green Homes Grant vouchers after rumours it could be axed

Some of Britain's biggest banks are sounding the alarm bell over an increase in the contactless payment limits to £100 amid expectations that Rishi Sunak will unveil it as part of a 'Brexit dividend' in this week's Budget. Sky News has learnt that a number of major high street lenders are urging the government and regulators to stagger the hike from the current limit of £45 and to curb the number of times contactless cards can be used on any single day because of the growing fraud risk Industry sources believe the chancellor will confirm the proposed move to £100 on Wednesday as part of a package of post-Brexit measures enabling the UK to diverge from the European Union. The current limit of €50 is set by the European Commission. Boris Johnson was told by business leaders earlier this year that an increase would be a potent symbol of Britain's ability to go it alone, and is even said to have made a passing reference to the limit going as high as £1000. … [Read more...] about Banks warn over fraud risk as Sunak prepares £100 contactless limit

It's a long time ago and a lot has happened since then but can you remember how much money Rishi Sunak set aside to spend on COVID-19 in last year's budget? I'll give you a clue: the amount this country has now spent on coronavirus is close to £280bn and still rising. OK… as clues goes that's a bit unhelpful, because the actual amount the chancellor pledged to fight COVID-19 last March was £12bn. Track the UK economy's progress during COVID crisis Chancellor promises to use "fiscal firepower" in budget to protect jobs and livelihoods That's right: a mere 5% or so of the eventual fiscal toll over the past year came from Budget 2020. Advertisement To some extent this is a sign of how quickly events were unfolding last March. Within a few weeks of his first budget the chancellor had to return to the television cameras to announce a suite of measures which absolutely dwarfed the stuff in the budget - most notably the furlough … [Read more...] about Budget 2021: The perma-budget chancellor will not be going after your money (just) yet

Former Conservative leader William Hague has thrown his weight behind calls for tax rises at this week's budget in order to deal with Britain's huge COVID spending. In a major intervention, the senior Tory said the country had "reached the point where at least some business and personal taxes have to go up". Chancellor Rishi Sunak is reportedly considering a hike in corporation tax when he reveals his budget on Wednesday. It has also been claimed he will seek to raise £6bn by freezing income tax thresholds for at least three years. Please use Chrome browser for a more accessible video player How will the budget help our high streets? Mr Sunak has hinted his budget will include an extension of support schemes for furloughed workers and businesses while COVID restrictions remain. Advertisement But he has also warned of the need to "level" with the public about the large economic cost of the pandemic. In the 10 months … [Read more...] about Budget 2021: Lord Hague throws his weight behind calls for Rishi Sunak to raise taxes to deal with COVID spend