Rishi Sunak, The Chancellor of the Exchequer, has delivered his first budget outlining the government's plans for spending over the next year and beyond. Below we have summarised some key points and announcements that have been made today.

For a more comprehensive summary of the 2020 budget why not have a look at the “Budget Pack” section of the TFMC App. The app is available in the Apple iStore and Google Play Store.

 

Today's 2020 budget highlights (11/03/2020):

  • There will be a £5 Billion emergency response fund to help health and public services deal with the Coronavirus
  • Every individual who is advised to self-isolate, in response to the Coronavirus, will be paid statutory sick pay
  • Councils will have a £500m hardship fund for vulnerable people
  • Business rates will be abolished for companies who are in the leisure, retail and hospitality sectors, where the rateable value is less than £51,000
  • National insurance contribution threshold to increase to £9,500 (from £8,632)
  • VAT scrapped on women's sanitary products (was 5%)
  • Fuel duty will not be increased. The duty has been frozen for the past 10 years
  • No duty increase on beer, wine and spirits
  • Tobacco duty to rise by 2% above the rate of retail price inflation
  • £5 Billion investment to get gigabit broadband to remote locations
  • An additional £900 Million for space, nuclear fusion and electric vehicle research
  • April 2022 will see the introduction of the plastic packaging tax
  • £120 Million is to be used for relief for flooded communities plus an extra £200 Million for flood protection measures
  • £640 Million for "nature for climate". This will help protect natural habitats and incudes 30k hectares for new trees
  • By 2025, £600 Billion to be spent on roads, transport and housing
  • To help tackle homelessness £650 Billion will be available to make an additional 6,000 beds for people who are sleeping rough
  • £1 Billion to remove unsafe cladding from housing taller than 18 metres
  • Treasury to open new office in Scotland and Wales

 

Rachael Olukoju
Rachael Olukoju

Rachael is a diligent qualified accountant with audit experience and joined us from a top 15 accountancy firm. With a thirst for knowledge and personal development, Rachael continues to study towards further qualifications. She is a strong communicator who is passionate, goal-driven and leads by example. Rachael has significant experience in management and statutory accounts preparation and review alongside a strong understanding of reporting and completion against strict deadlines.