Autumn Budget 2021

Following on from the latest budget we would like to inform you of some of the points discussed during the briefing.

  • Inflation likely to rise to 4%
  • More funding for lorry park facilities
  • HGV levy suspended until 2023
  • Vehicle Excise Duty for HGV’s frozen
  • Overseas aid to return to 0.7% by 2024
  • £24billion for multi year housing settlements
  • £11.5billion for new affordable housing, est 180,000 homes
  • £5billion to remove unsafe cladding
  • Residential Property Developers Tax – 4% on profits over £25million
  • £300million towards “Start for Life” – offering parenting programmes and help with mental health
  • £170million to create network of Family Hubs
  • £150million to support and train people who work in early years, with more funding for holiday and activity programmes
  • £4.7billion into schools by 2024/25
  • 2000 new police officers
  • £2.2billion for courts and rehab services
  • £3.8billion to build new prisons
  • More funding for:
    – Scotland (£6.4billion)
    – Wales (£2.5billion)
    – N.Ireland (£1.6billion)
  • Investment into youth services – building youth clubs and 8000 football pitches
  • £21billion on roads,
  • £46billion on railways
  • £5.7billion for “London style” transport system across city regions
  • £5billion on cycling infrastructure
  • £5billion on local minor roads maintenance
  • New visa system to bring in highly skilled workers
  • £44billion increase into healthcare by end of parliament:
    – 40 new hospitals
    – 50,000 more nurses
    – 50million more primary care appointments
  • Local funding for councils over the next 3 years of £4.8billion
  • 100 local projects to benefit from “Levelling Up Fund”
  • £800million to museums and cultural attractions
  • Tax reliefs for museums and galleries extended for another 2 years
  • Expanding R & D reliefs
    – Scope to include cloud computing and data processing
    – From April 2023, only UK companies can claim R & D relief
  • £3.8billion on numeracy skills training for adults
  • Shipping tonnage tax to be fairer for UK companies
  • UK internal domestic flights to have lower rate of Air Passenger Duty from April 2023
  • £1million Annual Investment Allowance (AIA) extended to March 2023
  • Corporation tax rise announced at last budget confirmed
  • Business rates:
    – Fairer and more frequent revaluations
    – Investment relief for green tech
    – Business rates improvement relief – no additional business rate for expansion or property improvements
    – 50% business rates discount for retail, hospitality and leisure – one year only
  • Alcohol duty system outdated, to be simplified – the stronger the drink, the higher the rate
  • Tax relief for small producers, including cider makers
  • Cut tax duty on sparkling wines like Prosecco and fruit ciders
  • Draught relief for pubs – 5% cut
  • Planned increase on duty for spirits and whiskey will be frozen
  • Fuel duty rise cancelled
  • Minimum wage to rise to £9.50 per hour
  • Universal credit taper to be cut by 8%