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%