Latest updates: chancellor extends furlough, universal credit uplift and stamp duty holiday
Sunak turns to corporation tax.
Sunak says he will announce two measures now to address the borrowing.
The government’s response has been fair, he says.
Continue reading...Rishi Sunak is delivering his budget – here is rolling coverage of the main points, updated throughout the speech
The chancellor says he would do “whatever it takes” during the pandemic, and that he has done and will continue to do so. He says there has been acute damage to the economy, with more than 700,000 people losing their jobs, the economy shrinking by 10% – the largest fall in 300 years, and borrowing is highest it has been outside of wartime. “It’s going to take this country, and the whole world, a long time to recover from this extraordinary situation,” he says.
Continue reading...Rishi Sunak will also announce help for an additional 600,000 of the newly self-employed on Wednesday
Rishi Sunak will announce on Wednesday that the Treasury is extending its furlough scheme until the end of September in an attempt to safeguard jobs as a fragile economy emerges from the Covid-19 emergency.
In an unexpected move, the chancellor will say that workers will continue to be guaranteed 80% of their salary for a further three months after the government envisages all restrictions on activity will be removed in June.
Continue reading...Small businesses will receive help in Wednesday’s budget to boost tech and management skills
The bosses of small businesses are to be invited back to school to brush up on their management skills, under plans to be announced in the budget designed to help close Britain’s productivity gap with rival nations.
As part of the attempt to speed up the UK’s recovery from the Covid-19 pandemic, the chancellor, Rishi Sunak, will unveil a “help to grow” scheme that will offer the leaders of up to 130,000 small and medium-sized enterprises (SMEs) the chance of MBA-style management training.
Continue reading...Labour leader has faced backlash after saying he would oppose any new tax on business in budget
Keir Starmer is under pressure to back future rises in corporation tax after a backlash when the Labour leader said he would oppose any new tax on business in next week’s budget.
Treasury officials are believed to be looking at increasing the tax on company profits from the current rate of 19% to up to 25% as the government tries to recoup some of the massive debts incurred during the pandemic, though the rise may be delayed until later in the parliament.
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