The budget doesn't just have ramifications on the Treasury - other parts of the economy will feel the effects of the announcements for months and years to come. Taking a look at specific policies, Sky's specialist correspondents have broken down what Rishi Sunak 's headline speech means in their areas. Please use Chrome browser for a more accessible video player Budget 2021: What did Rishi Sunak announce? Get more live budget updates here Sunak wants to stave off unemployment and give confidence to businesses By Paul Kelso, business correspondent Advertisement Like the rest of us, Rishi Sunak probably wanted to look forward to life after COVID , but the continued grip of the virus on the UK did not give him, or us, that luxury. So this Budget was most significant for being yet another emergency statement, committing £65bn to broadly extend state support to business and individuals for another seven months to … [Read more...] about Budget 2021: Climate, health and culture – what are the wider impacts of the budget?
Millions of children are facing a "catastrophic education emergency" as coronavirus lockdowns have closed schools worldwide , the UN's main organization for children said on Wednesday. UNICEF said schools for more than 168 million children in 14 countries had been completely shut for almost an entire year because of the pandemic. It warned that 214 million children globally — or 1 in 7 — had missed more than three-quarters of their in-person learning since March 2020. UNICEF chief Henrietta Fore said pupils were paying the heaviest price "As we approach the one-year mark of the COVID-19 pandemic, we are again reminded of the catastrophic education emergency worldwide lockdowns have created," UNICEF Executive Director Henrietta Fore said. "With every day that goes by, children unable to access in-person schooling fall further and further behind, with the most marginalized paying the heaviest price," she said. "No effort should be spared to keep schools open, or … [Read more...] about Coronavirus: UN warns of ‘catastrophic education emergency’
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
The budget was chock full of announcements - including on the furlough scheme, Universal Credit and stamp duty. But there were some things missing from Rishi Sunak's big economic statement to MPs on Wednesday. Sky News takes a look at what was not in the 2021 Budget . Budget 2021: All the key points NHS The health service has never been far from the headlines over the last year as Britain battles coronavirus. Advertisement But there were just two mentions of the NHS in Mr Sunak's budget speech: the chancellor said it was "deserving of immense praise" for the vaccine rollout and cited the government's previous promise to "keep our NHS strong". There was no mention of funding for the health service, although Mr Sunak said in his autumn statement in November that the NHS's core budget would increase by £6.6bn in the next year and a further £3bn would be provided to support its recovery. More from Budget 2021 … [Read more...] about Budget 2021: What wasn’t in Chancellor Rishi Sunak’s economic statement
Rishi Sunak today presented yet another £65billion of Covid support in his annual Budget. The Chancellor extended most schemes until September and gave businesses another shot in the arm as they wait for a vaccine. But all that help comes at a cost, and we're not just talking about a hike in Corporation Tax. A stealth tax hike on working Brits will raise £8bn a year and schemes could run out in September while 2million are still furloughed. The Budget speech is always a triumphant affair, burying the awkward details to a few lines or none at all. To get a real feel for what's going on, you must read the hundreds of pages of documents slipped out when the Chancellor sits down. We're still trawling through the mammoth pile of Budget documents, including analysis from the Office for Budget Responsibility watchdog (OBR). But here are the biggest surprises in the small print that have leaped out at us so far. 1. NHS spending overall looks set to be cut Rishi Sunak said … [Read more...] about Budget 2021: 11 surprises hidden in the small print from ‘NHS cut’ to Brexit