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Budget 2021 Live

Chancellor’s statement from the Commons


1.25pm: Mr Sunak ended his statement

1.23pm: Eight freeports to be set up in England, talks to take place with devolved administrations on further freeports.

They will have simpler planning rules, lower taxes, infrastructure funding.

1.21pm: New Treasury campus to be based in Darlington

1.19pm: Accelerates City Region deals in Ayrshire, Argyll & Bute and Falkirk, confirms Aberdeen energy transition deal.

Scotland to receive £1.2 billion in Barnett consequentials

1.17pm: New measures to improve access to stock markets

1.15pm: Help to Grow scheme announced to assist 100,000 businesses to grow

1.13pm: New UK infrastructure Bank to be based in Leeds with £12 billion budget.

1.10pm: Duties on beer and spirits held for second consecutive year

1.06pm: Tax on losses of up to £2m extended to three years ‘a signifiant cash flow benefit’

1.04pm: Corporation tax to rise to 25% from April 2023. Small profits rate remains at 19%. Higher rate still the lowest among the G7 and only 10% of companies will pay it.

1pm: Addresses the debt and how to afford it. Says response to Covid has been fair and dealing with the debt will also be fair.

No increase in income tax, VAT or national insurance.

Personal tax thresholds frozen. VAT threshold held at £85,000 until 2024

The threshold for paying the basic rate will rise to £12,570 next year and for higher-rate payers, the threshold will be £50,270. Both will stay the same until 2026.

12.51pm: £700m will be allocated to help arts venues reopen

12.50pm: Stamp duty holiday for home buyers in England extended until July.  The minimum threshold will increase to £250,000 until the end of September.

12.49pm: Non-essential retail businesses will receive grants of up to £6,000 for each unit. Hospitality and leisure businesses will get grants of up to £18,000.

12.48pm: 5% rate of VAT extended until the end of September, 12.5% from October

Freezes business rates in England until July

12.43pm: The OBR forecasts that the economy will grow this year by 4%, by 7.3% in 2022, then 1.7%, 1.6% and 1.7% in the last three years of the forecast.

12.42pm: Mr Sunak says the government’s response to coronavirus is working.

12.41pm: Furlough scheme to continue until the end of September with no change to terms.

From July businesses will be asked for a 10% contribution, rising to 20% in August and September.

Support for the self-employed will also continue until September.

The universal credit uplift of £20 a week will also go on until September.

The National Living Wage will rise to £8.91 from April.

12.38pm: £280 billion spent on Covid support, 700,000 jobs lost and economy has shrunk by 10%

12.36pm: Chancellor begins speaking

Budget 2021 reports here

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