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Summary of Budget 2020: Key points at-a-glance |
Summary of Budget 2020: Key points at-a-glance |
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(about 1 hour later)
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Chancellor Rishi Sunak is delivering his first Budget in the House of Commons, announcing the government's tax and spending plans for the year ahead. | Chancellor Rishi Sunak has delivered his first Budget in the House of Commons, announcing the government's tax and spending plans for the year ahead. |
Here is a summary of the main points, which will be updated as he speaks. | Here is a summary of the main points. |
Coronavirus response | Coronavirus response |
*£5bn emergency response fund to support the NHS and other public services | Personal taxation, wages and pensions |
*Statutory sick pay will be paid to all those who choose to self-isolate, even if they don't have symptoms | |
*Contributory employment Support Allowance benefit claimants will be able to claim sick pay on day one, not after a week | |
*£500m hardship fund to help vulnerable people | |
*Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks | |
*Small firms will be able to access "business interruption" loans of up to £1.2m | |
*Business rates will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000 | |
Personal taxation and wages | |
*National Insurance Contributions tax threshold to rise from £8,632 to £9,500 - saving people just over £100 a year | |
*0.5% VAT on women's sanitary products, the tampon tax, to be scrapped | |
Alcohol, tobacco and fuel | Alcohol, tobacco and fuel |
*Fuel duty for be frozen for the 10th consecutive year | |
*Duties on spirits, beer, cider and wine to be frozen | |
*Business rate discounts for pubs to rise from £1,000 to £5,000 this year | |
Business, digital and science | Business, digital and science |
*System business rates to be reviewed later this year | |
*Entrepreneurs' Relief will be retained, but lifetime allowance will be reduced from £10m to £1m | |
*£5bn to get gigabit-capable broadband into the hardest to reach places | |
*Science Institute in Weybridge, Surrey to get a £1.4bn funding boost | |
*An extra £900m for research into nuclear fusion, space and electric vehicles. | |
The state of the economy | |
*Economy predicted to grow 1.1% this year, not taking into account the impact of coronavirus | |
*Annual output forecast to be 1.8% in 2021-22, 1.5% in 2022-23 and 1.3% in 2023-24 | |
*Inflation forecast of 1.4% this year, increasing to 1.8% in 2021-2022 | |
Environment and energy | Environment and energy |
*Plastic packaging tax to come into force from April 2022 | |
*Manufacturers and importers whose products have less than 30% recyclable material will be charged £200 per tonne | |
*Fuel subsidies for off-road vehicles - known as red diesel - will be scrapped "for most sectors" in two years time | |
*Farmers and rail operators will be excluded | |
*£120m in emergency relief for communities affected by this winter's flooding and £200m for flood resilience | |
*Total investment in flood defences to be doubled to £5.2bn over next five years | |
*£640m "nature for climate fund" to protect natural habitats, including 30,000 hectares of new trees | |
Transport, infrastructure and housing | Transport, infrastructure and housing |
*More than £600bn is set to be spent on roads, rail, broadband and housing by the middle of 2025 | The state of the economy and public finances |
*Ministers say this represents the largest capital investment in infrastructure for generations | Nations and Regions |
*£2.5bn will be made available to fix potholes and resurface roads over five years | |
The state of the public finances | |
*Public sector net borrowing set to rise this year to 2.1% of GDP, rising to 2.4% and 2.8% in subsequent years | |
Brexit and international trade | |
Nations and regions | |