Spring Budget 2021 report
The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support.
In his second Budget and 14th fiscal announcement since succeeding Sajid Javid in February 2020, Sunak resisted the urge to start raising the main taxes in a bid to rebuild the UK economy and tattered public finances. His hands, however, were somewhat tied by the Conservative election manifesto of 2019, which pledged not to raise the rates of income tax, National Insurance contributions or VAT until 2024.
Overall, the Chancellor is still clearly in spend mode, but with hints of what might be waiting down the road as the UK economy starts to recover and the national debt demands to be paid.
Read our Spring Budget 2021 report for all the details announced in yesterday's budget.
Contents of the report include the following:
- Business (including the new 'Super deduction')
- COVID-19 support (including the new Recovery loan scheme)
As always, get in touch with us to discuss any of these issues by calling 01253 871111 or email firstname.lastname@example.org