Corporation tax hike: Rishi Sunak is on the way to creating a tax environment to stifle innovation March 3, 2021 Last week, Rishi Sunak rightly said that fintech is one of the UK’s big success stories, and that the growing industry needs access to talent, finance and support. I had therefore hoped for more good news for the sector in today’s Budget. However, it’s been announced that from 2023, the rate of corporation tax, paid [...]
Nightclubs blast ‘ridiculous’ Budget amid summer festival warning March 3, 2021 UK nightclubs have hit back at a “ridiculous” lack of support for the sector in today’s Budget amid warnings that time is running out to save this summer’s music festivals. The Night Time Industries Association (NTIA) said chancellor Rishi Sunak had failed to recognise the specific challenges faced by clubs, bars and casinos, many of [...]
Budget 2021: Aviation firms accuse Sunak of ignoring sector March 3, 2021 The aviation industry has reacted furiously to today’s Budget, accusing Chancellor Rishi Sunak of ignoring the sector, which has been battered by the pandemic. Aviation firms had been lobbying hard for sector-specific relief for the industry, which has been in a tailspin for an entire year due to wide-ranging travel restrictions. Although the sector will [...]
Budget 2021: How does the new tax ‘super-deduction’ work? March 3, 2021 This afternoon Chancellor Rishi Sunak announced a new tax “super-deduction” policy to encourage investment into the UK and boost its recovery from the pandemic. The new form of relief will come into effect next month and last until the end of March 2023, and should be especially popular with manufacturing, construction and utilities firms. Shares [...]
Budget 2021: Government to guarantee five per cent mortgages on homes up to £600,000 March 3, 2021 The government will introduce a new scheme that will allow individuals to put down just a five per cent deposit on homes valued up to £600,000. From April, the government will introduce a the scheme that will provide a guarantee to lenders across the UK that offer mortgages to people with a deposit of five [...]
Budget 2021: Pubs, restaurants and retailers toast Sunak’s announcement but warn of gaps in support March 3, 2021 The hospitality and retail sectors have welcomed the Chancellor’s extended support for pubs, restaurants, shops and salons, but said more could be done to encourage consumers back to the high street after lockdown. Rishi Sunak this afternoon announced measures including a business rates holiday extension, new “restart” grants, a VAT cut extension and a beer [...]
Budget 2021: As it happened March 3, 2021 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer delivers the government’s Budget later today – at 12.30pm. Please also visit our dedicated Budget 2021 Hub. Wrap-up of the main Budget announcements Here’s a wrap-up of the main announcements made by the chancellor in his spring Budget: [...]
Budget 2021: UK tech sector ‘delighted’ with spending plans March 3, 2021 The UK’s thriving tech sector has hailed Rishi Sunak’s spending plans in the Budget today, saying the chancellor was “backing tech in a big way”. Announcing the Budget this afternoon, Sunak unveiled a raft of new measures aimed at boosting both startups and established tech firms. “This government should be applauded for committing heavily to [...]
Budget 2021: Pensions lifetime allowance frozen for five years March 3, 2021 The pensions lifetime allowance will be frozen at its existing level until April 2026, in a move that effectively decreases its value when inflation is taken into account. The Chancellor today said the lifetime allowance would remain at its current £1,073,100 for the next five years, rather than increasing in line with inflation. The move [...]
FTSE 100 pares gains as investors split on Sunak’s Budget March 3, 2021 The FTSE 100 pared some of its gains after today’s Budget, as investors reacted to a combination of further business support and future tax hikes. Having been up 1.2 per cent by the mid-morning, London’s blue chip bourse fell back to 6,639 points, up 0.4 per cent. Read more: Budget 2021: Live news and updates [...]