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Budget 2021 What to expect today

A quick look at what has been announced, guessed at and leaked, ahead of Rishi Sunak's second red box of tricks.

What time are announcements due?

Rishi Sunak's budget will be live from 12.30 today, March 3rd.

What do we already know?

Ahead of today's budget, Mr Sunak has announced the following

  • Extension to the Furlough scheme until September, with the State's contribution reducing gradually from July
  • A fourth SEISS will be opened in April and will be available to more newly self-employed than the previous scheme, as the government is widening it's eligibility criteria.
  • A new self-employed grant to be announced, details not given yet
  • More money for the vaccine rollout
  • £5bn scheme to help struggling High Street businesses reopen
  • A new mortgage guarantee scheme will help first time home buyers purchase properties up to £600,000 with a deposit of just 5%
  • £150m pot to help communities take over local pubs at threat of closure. 
  • Small businesses to be offered free management training to help them boost productivity
  • Discounted software to help small businesses enhance productivity
  • £300m support package for sport
  • £400m for the Arts and an extra £300m into the £1.57bn Culture Recovery Fund. England's museums and cultural bodies also receiving £90m to keep them afloat going until they can re-open
  • an extra £126m into the traineeship scheme

The bad news.....

Having to pay for all these financial supports is going to place a huge burden on the UK. So expect to hear news on tax hikes, but any changes  will have to take into account the Conservative party manifesto pledge not to raise income tax, national insurance or VAT. So Corporation Tax and other personal taxes or tax free allowances may change today.

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This article was published in our News section on 03/03/2021.

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