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Read MoreAutumn Budget 2021 announcements at a glance
Autumn Budget 2021 announcements at a glance
Today, 27th October 2021, Chancellor of Exchequer Rishi Sunak announced the government’s new plans for recovery during the Autumn Budget and Spending Review.
Below are some of the highlights of the announcements, for the full Budget and Spending Review documents visit gov.uk here.
Business Rates & Net Zero
– Business Rates to be re-evaluated every 3 years with new revaluation cycle will be delivered from 2023.
– New Business Rates Improvement Relief From 2023, every business will be able to make property improvements and for 12 months, pay no extra rates. Together with the new green relief these investment incentives total £750m
– Until 2035, plant and machinery used onsite for renewable energy will be exempt from business rates.
– Next year’s planned increase in the multiplier will be cancelled – a tax cut for business worth £4.6bn over the next five years.
– A new one year 50% business rates discount for retail, hospitality, & leisure sectors, worth almost £1.7bn and with Small Business Rates Relief over 90% of all these businesses will see a discount of at least 50%. Taken together, cutting business rates by £7bn.
Skills
– £3.8 billion to drive a skills revolution – spreading opportunity and helping create a high-wage, high skill economy.
– The ‘Multiply’ maths programme will help up to 500,000 adults improve their numeracy, transforming their prospects.
– Increases of apprenticeship funding to £2.7bn in 2024-25. Funding for the Restart Scheme to continue helping long-term unemployed to find work and over £900m per year for work coaches.
Recruitment outside the UK
– £1.4 billion fund to funnel money into key innovative sectors and a new talent network to woo foreign talent into UK industries
– Global Talent Network to work with UK businesses and research institutes to identify and attract the best global talent in key science and tech sectors. The network will initially launch next year in the Bay Area, Boston and Bengaluru.
– A new scale-up visa for UK firms to hire people from around the world.
Packages & Investment Pots
– £20bn in R&D by 2024/25
– £1m Annual Investment Allowance will not end in December 2021 as planned and extended to March 2023.
Education
– £2.6bn to be spent on creating 30,000 new school places for children with special educational needs and disabilities
– £1.6bn for new T-levels over three years to roll out for 16 to 19-year-olds and £550m for adult skills in England
– Extra £4.7bn for schools by 2024-25 on top of the £14bn announced at Spending Review 2019
Infrastructure
– A long-term pipeline of over 50 local roads upgrades, over £5bn for local roads maintenance, funding for buses, cycling and walking totalling more than £5bn.
– Announcement of the first round of bids from the Levelling Up Fund – £1.7bn to invest in the infrastructure of everyday life in over 100 local areas.
– £6.1bn to reduce transport emissions
Taxes, Income & Duties
– A rise in the National Living Wage from £8.91 per hour to £9.50, to come into effect from 1 April
– Universal Credit Taper Rate from 63p to 55p and increasing work allowances by £500 per year to help working families with the cost of living. This will be an effective tax cut for 1.9m of the lowest earning working families. Planned to come into force no later than 1st December 2021.
– £500 million Household Support Fund in expanded support for children and families, including £300m for local authorities to transform services in new local Family Hubs.
– Air Passenger Duties cut
– Alcohol Duty – The planned increase in duty on spirits like Scotch Whisky, wine, cider and beer, will all, from midnight tonight (27th October 2021) be cancelled – a tax cut worth £3bn.
– Draught Relief – Duties cut by 5% on draught beer and cider worth £100m a year
– The planned rise in fuel duty cancelled – saving over the next five years nearly £8bn. Frozen for 2022-23, meaning a tank of fuel will cost around £15 less per car, £30 less for vans and £130 less for HGVs compared to pre-2010 plans
Families & Community
– £560m for youth services over the next three years, enough to fund up to 300 youth clubs in England.
– Up to 300,000 more families will benefit from an extra £200m investment in the Supporting Families programme.
– Over £200m on holiday activities and food for school pupils
– £850 million to “breathe life” back into cultural hotspots
– Investment in housing will total nearly £24bn
– Doubling the tax relief for Museums and Galleries until 31st March 2023
NHS, (Mental) Health & Wellbeing
– £5.9bn for NHS England to tackle the backlog of people waiting for tests and scans
– Funding for40 new hospitals, 70 hospitals to be upgraded
Click here to read the British Chambers of Commerce’s comments on the Budget announcements.
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