Delivering his first Budget in the House of Commons, Chancellor Rishi Sunak laid out the government’s plans for the year ahead.
By mid-2025, more than £600bn is set to be spent on transport links such as roads and rail, plus housing and broadband.
£27bn of that will be set aside for motorways and other arterial roads, while £2.5bn will be made available to fix potholes and resurface roads in England.
Stamp duty surcharge for Foreign buyers of properties in England and Northern Ireland will see the stamp duty surcharge levied from April 2021 at 2%.
In addition, following the devastation of Grenfell, a new £1bn fund was announced. This funding will be used to remove all unsafe combustible cladding from all public and private housing higher than 18 metres.
The NHS was a clear winner in the latest Budget with £6bn in extra funding promised over the next five years. This money is set to pay for staff recruitment and start the upgrade of hospitals. In addition, a £5bn emergency response fund has been allocated to support the NHS and additional public services in England. However, many see this as the government reversing the cuts made during austerity measures.
There is good news for consumers though with the tax threshold for National Insurance Contributions to rise from £8,632 to £9,500 which means that half a million employees will be removed from being taxed. It also means that for those earning £9,500 per year, will be – on average – £85 better off each year.
A great result for women everywhere was the abolition of the ‘tampon tax’ which previously meant that women’s sanitary products incurred VAT of 5%.
When it comes to fuel, for the tenth consecutive year fuel duty has been frozen; as has duties applicable to beer, cider, wine and spirits. However, tax on tobacco will rise another 2% above the rate of retail price inflation. In real terms, this means that the price of a pack of 20 cigarettes will rise by 27 pence while 14 pence will be added to a packet of cigars.
Plastic consumption – which has preyed on the minds of consumers and activists – also sees a positive change, as announced in the Budget. A new plastic packaging tax is due to come into force from April 2022 which will mean that manufacturers and importers whose products have less than 30% recyclable material will face a fee: £200 per tonne. A good step forward in helping to eradicate single use plastic.
Communities have been left devastated by recent storm flooding and Sunak announced that £120m in emergency relief will be provided for English communities affected. £200m is also being made available to put towards flood resilience plans, with flood defences in England set to double to £5.2bn over the next five years.
Connect with us
View by date
Six months after announcing the original Lockdown, Boris Johnson announced new restrictions to curb a second lockdown… Last night, Prime Minister, Boris Johnson, announced new restrictions which will last a further six-months and has warned the public to follow them to avoid a second national lockdown. The new restrictions include a 10pm enforced …Read more...
With the Stamp Duty Holiday due to end in March, and the time it’s taking for a purchase to go through, get your property market ready today! When it comes to marketing your property, the first thing buyers look at are the photos. Good photos of your property can have a huge impact on …Read more...
It’s time to hit the hedgerows and roadsides for nature’s free feast We are heading into the season of mellow fruitfulness. It may not seem it in this crazy year, but in what seems like a bat of an eye, we are already into September, a month where we traditionally hang on to summer …Read more...
Books help to heal the soul, and at this time, more people than ever are turning to books for comfort… Just twenty years in, the 21st Century has already gifted us with so many inspirational pieces of literary work, worthy of comment. So we’ve picked five books, of different styles and genres, which …Read more...
The Government’s easing of Stamp Duty has given home-buyers more spending power When the Chancellor Rishi Sunak announced a Stamp Duty holiday to enable the homes market to breathe life into the post-lockdown economy, thousands of prospective house buyers must have raised their eyebrows and applauded wildly. It meant an estimated nine out …Read more...