Budget 2021: Sunak scraps rise in fuel duty October 27, 2021 The chancellor is cancelling the planned rise in fuel duty. Speaking at the Budget, Rishi Sunak said he is “not prepared to add to the squeeze on families and small businesses”. Prices at the pumps reached record levels of 142.94p a litre on Sunday. The new record is 28p a litre higher than a year [...]
Budget 2021: Alcohol duty to be overhauled as spirit duty hike cancelled October 27, 2021 Chancellor Rishi Sunak has set out a five-step plan to overhaul alcohol duty, speaking at the Budget. The current system is “outdated, complex and full of historical anomalies”. The number of main duty rates will be cut from 15 to six with an aim to “end the era of cheap, high-strength drinks.” Drinks are to [...]
Budget: Sunak unveils high spending and business rates cutting post-Covid Budget October 27, 2021 Rishi Sunak has increased day-to-day departmental spending by £150bn in today’s Budget, in what has been billed as the largest increase in the last century, and slashed business rates. Sunak said the £150bn boost would see every government department’s budget increase, while the tax cuts will see business rates slashed by £7bn. The chancellor also [...]
Budget 2021: Hospitality and retail to get 50 per cent discount on business rates October 27, 2021 Chancellor Rishi Sunak has announced a one-year 50 per cent business rates discount for retail, hospitality and leisure sectors. Any eligible business in these sectors can claim a discount of up to 50 per cent up to a maximum of £110,000 – a business tax cut worth almost £1.7bn. Under reforms, system property valuations would [...]
Budget 2021: Bank surcharge slashed but lenders still stung by higher taxes October 27, 2021 UK banks will still be stung by a higher tax rate on their profits even though Chancellor Rishi Sunak confirmed he will slash the bank surcharge. Sunak told the House of Commons today that the bank surcharge will drop to three per cent from eight per cent in 2023. However, the increase in the headline [...]
Green Budget 2021: Net zero strategy to receive around £11.4bn in new funding October 27, 2021 The government is set to inject more than £11.4bn in new funding into its net zero strategy, according to chancellor Rishi Sunak’s Autumn Budget today. The fresh capital will go towards “the new, green industries of the future”, Sunak said this afternoon. “We are making this country a science and technology superpower”. It will mean [...]
Budget 2021: Sunak pushes back R&D £22bn spending goals by two years October 27, 2021 In today’s budget announcement, Chancellor Rishi Sunak said the government will funnel “unprecedented funding” into innovation, increasing R&D spending to £20bn a year by the end of this parliament in 2024 – but this is down from his previous commitment in March of £22bn per year. Sunak has erred on the side of caution by [...]
Budget 2021: Fiscal watchdog ramps up forecast for UK economic growth to 6.5 per cent October 27, 2021 The government’s fiscal watchdog has ramped up its forecast for the UK economy and expects it to recover to pre-pandemic levels by the end of the year. Chancellor Rishi Sunak told the House of Commons today, as he delivered his third budget, that the Office for Budget Responsibility (OBR) expects the British economy to expand [...]
Budget: UK to invest £850m to protect museums, galleries, libraries and local culture October 27, 2021 Chancellor Rishi Sunak has announced the government will be investing £850m to protect museums, galleries, libraries, and local culture.
GSK quashes reports of private equity interest in consumer health division October 27, 2021 Pharmaceuticals giant GSK has stuck to its plan to spin off its consumer health division next year as it released its third quarter results this afternoon, quashing reports that private equity giants were plotting to swoop in on the business. GSK has pressed ahead with its plan to spin off its consumer health division in [...]
