2020 Budget: ‘Borrowing to skyrocket’ despite £7bn tax bill March 12, 2020 Chancellor Rishi Sunak is unlikely to be able to deliver the huge spending growth he promised in his 2020 Budget given that his pledges were not supported by tax increases, Britain’s top fiscal think tank has said. Sunak yesterday unveiled the biggest Budget since 1992 as he seeks to tackle the fallout from coronavirus and [...]
Budget 2020: Sunak pledges extra £175bn to ‘get Britain building’ March 11, 2020 New chancellor Rishi Sunak pledged to “get Britain building” in today’s budget, unveiling an additional £175bn in capital investment to “level up” roads, railways, housing and broadband across the country. The extra money, which forms part of Sunak’s much trailed £640m spending package, means that by 2024 annual expenditure will rise above £110m, triple the [...]
FTSE 100 sees red despite rate cut and £30bn coronavirus Budget pledge March 11, 2020 The FTSE 100 closed down 1.4 per cent today as the dual impact of interest rate cuts and new coronavirus stimulus measures failed to impress investors. London’s blue-chip index had jumped as much as 2.1 per cent earlier in the day after the Bank of England announced it would slash UK interest rates to protect [...]
Budget 2020: What does the Red Box mean for UK tech firms? March 11, 2020 Chancellor Rishi Sunak today unveiled a raft of new fiscal measures as he vowed to deliver on the government’s promise of “levelling up” the UK. Sunak, who took over at No 11 just a month ago, put the coronavirus front and centre of his new policies as the number of cases continues to rise. But [...]
2020 Budget key points: Coronavirus, spending spree and even some jokes March 11, 2020 Chancellor Rishi Sunak outlined a massive spending spree and a £30bn package to shelter the UK economy through the coronavirus crisis in his 2020 Budget today, as the budget watchdog said he would borrow £100bn over five years to do so. The Treasury boss, who had just four weeks to prepare for today’s Budget, even [...]
Budget 2020: Rishi Sunak gives economy £30bn boost amid coronavirus outbreak March 11, 2020 Chancellor Rishi Sunak has announced a £30bn stimulus package to support the UK economy through the coronavirus outbreak in the biggest spending spree in almost 30 years. Sunak – who was made chancellor last month – said it was one of the most comprehensive responses to the outbreak by any government. The plan earmarks £12bn [...]
Budget 2020: Chancellor overhauls entrepreneurs’ relief in tax break shake-up March 11, 2020 The government today said it will overhaul entrepreneurs’ relief, but stopped short of abolishing the tax break completely. Entrepreneurs’ relief is designed to encourage people to start their own business by granting them a reduced rate of 10 per cent capital gains tax. However, Sunak said the system, which costs the taxpayer £2bn per year, [...]
Budget 2020: Sunak commits to an increase in R&D spending March 11, 2020 Chancellor Rishi Sunak has increased tax relief for companies that carry out qualifying research and development (R&D) in his Budget today. The measure increases the rate of the R&D expenditure credit from 12 per cent to 13 per cent. The expenditure credit is a standalone credit that is brought into account as a receipt in [...]
Budget 2020: Sunak confirms £600bn in capital investment for UK transport and industry March 11, 2020 The Chancellor of the Exchequer Rishi Sunak has pledged £600bn in investment over the next five years for infrastructure and industry in today’s Budget. The announcement will mean that public investment will hit its highest levels since 1955, and will see capital budgets rise over £110m in 2024 and 2025. Part of the deal will [...]
BUDGET 2020: Mixed news for energy duties in budget March 11, 2020 The chancellor has announced a freeze in electricity duty but from April 2022, gas duty will increase. The government is under pressure to reduce the country’s carbon emissions and raise money for public spending. “So as another step towards equalising the rates and encouraging energy efficiency, from April 2022 I’m freezing the levy on electricity [...]