Chancellor delivers Budget to lay foundation for a strong economy

10th November 2021 | News

On 27 October, Chancellor Rishi Sunak delivered a Budget to ensure the UK economy bounces back following the coronavirus (Covid-19) pandemic.

The Chancellor announced that total departmental spending will grow by £150 billion per year in cash terms by 2024/25, marking the largest real term increase in overall departmental spending for any Parliament this century.

Public research and development (R&D) investment will increase to a record level of £20 billion by 2024/25. Combined with R&D tax reliefs, which the government intends to modernise and refocus, total government R&D support as a proportion of GDP is forecasted to increase from 0.7% in 2018 to 1.1% in 2024/25.

The Chancellor unveiled a new temporary business rates relief in England for 2022/23 for eligible retail, hospitality and leisure properties, worth almost £1.7 billion. The government stated that the reform of business rates will make the system fairer, more responsive and more supportive of investment.

Mr Sunak also announced significant changes to fuel duty and alcohol duties: fuel duty will be frozen at 57.95p per litre for 2022/23, and drinks will be taxed in proportion to their alcohol content, making the system ‘fairer and more conducive to product innovation in response to evolving consumer tastes’.

Meanwhile, the government will give £11.5 billion to help build up to 180,000 affordable homes, whilst an additional £4.7 billion will be invested in the core schools budget in England.

The Chancellor also confirmed that the government will increase the National Living Wage to £9.50 per hour from April 2022 and cut the Universal Credit taper rate from 63p to 55p.

Internet link: GOV.UK speeches

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

Global Association

News

Employment Allowance increased as of April 2022

In the Spring Statement in March, Chancellor Rishi Sunak introduced several new measures to help the public combat the current cost-of-living crisis. One of these measures was the boost to Employment Allowance for UK families and businesses. What is Employment...

Trust Registration – Registrable Express Trusts

UK express trusts and some non-UK trusts in existence on or after 6th October 2020 must be registered with the UK Trust Registration Service (TRS) by 1st September 2022.  On 6th October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive...

Contact

0161 399 0121

York House, 20 York Street, Manchester, M2 3BB

0151 303 3112

Avenue HQ Liverpool, 17 Mann Island, Liverpool L3 1BP

Contact us

© Copyright 2020 Williamson & Croft LLP - Registered No OC402211