Market news

3 March 2021

UK's finance minister Sunak outlines the details of 2021 budget

  • Says support for self-employed will continue until September
  • Universal credit uplift of GBP20/week will continue for another 6 months
  • Pledges to provide new "restart grant" for businesses in April
  • Says retailers will receive up to GBP6,000 per premise
  • Hospitality venues will receive up to GBP18,000 per premise
  • Total direct cash support for businesses will rise to GBP25 billion (additional GBP5 billion)
  • Introduces a new "recovery loan scheme"
  • Businesses of any size can apply for loan of GBP25,000 to GBP10,000,000
  • UK business rates holiday to be extended until June (GBP6 billion "tax cut")
  • Reduced VAT rate for hospitality to be extended until end of September
  • Stamp duty holiday for homebuyers to continue until 30 June
  • Additional GBP65 billion to be provided for COVID-support measures
  • Total COVID measures for this year and next is GBP352 billion
  • Total fiscal support over this year and next amounts to GBP407 billion 
  • We are using the full measure of fiscal firepower to protect jobs
  • UK corporate tax rate to be increased to 25% from 19% in 2023
  • New higher rate of corporation tax will not apply to businesses with profits under GBP50,000
  • Only 10% of companies will pay the full higher rate of corporation tax

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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