Freelance creatives could fall through cracks of Rishi budget March 4, 2021 This week Rishi Sunak announced his investment-led recovery budget, pledging an additional £408m stimulus package for the culture sector. This is fantastic news for a creative sector particularly vulnerable to the impact of the COVID pandemic. The government has divided this relief package into three parts: £300m for the Cultural Recovery Fund (supporting cultural organisations [...]
DEBATE: Is Universal Credit fit for purpose? March 4, 2021 Jonathan Reynolds, Shadow Secretary of State for Work and Pensions says NO Universal Credit has failed on its own terms. It is not offering a route out of hardship instead it is perpetuating a cycle of debt and destitution that is hurting our economy. The system starts people off in debt through the five week-wait, [...]
Budget reactions: Optimism and relief to Sunak’s plans March 4, 2021 Following Chancellor Rishi Sunak’s announcement yesterday, of a raft of new support measures alongside plans to shore up Britain’s finances in the wake of the coronavirus pandemic, the details of this year’s Budget gradually become clear to SMEs, entrepreneurs, startups and others in London and across the country. Sunak set out extensions to the furlough [...]
Budweiser invests £115m in UK breweries to pour an extra 630m pints a year March 4, 2021 Budweiser has announced plans to invest more than £115m in its two major UK breweries to improve their infrastructure and create jobs. The beer firm, which is part of drinks giant AB Inbev, will install modern equipment at its South Wales and Lancashire sites to expand capacity in brewing, canning and bottling. The investment will [...]
What will the new tech visa rules mean for UK fintechs? March 4, 2021 Among a raft of new measures announced in the Budget the Chancellor has launched a new visa scheme to retain and attract the tech industry’s top talent. Announcing the Budget on Wednesday Rishi Sunak laid out plans to introduce “fast track” visa applications for people with a job offer from a recognised UK scale-up, together [...]
Sadiq Khan rules out driverless trains as a part of next TfL bailout March 4, 2021 Sadiq Khan has said today that the government will not try to force Transport for London (TfL) to implement driverless trains as a part of current bailout negotiations. Khan told a group of reporters at his re-election campaign launch that the government had dropped any request to bring in driverless trains, after initially asking for [...]
2026 average earnings forecast to be no higher than 2008 level March 4, 2021 Average earnings in 2026 are estimated to be no higher than their 2008 level according to forecasts by the Institute of Fiscal Studies. The findings came as part of the think tank’s response to Rishi Sunak’s budget delivered on Wednesday. As part of his plans, the Chancellor froze the personal allowance on income tax implying [...]
One in five employees still on the furlough scheme March 4, 2021 One in five workers, or around 19 per cent of the UK’s workforce, are still making use of the furlough scheme, according to the latest figures from the ONS. Approximately six million people are still on furlough, the Office for National Statistics (ONS) said, ahead of a gradual reopening of the economy that will, over [...]
So much for Singapore on Thames: UK corporation tax will be higher than France and Germany March 4, 2021 Yesterday, it was announced that corporation tax will rise from 19 per cent to 25 per cent by 2023 for UK companies with annual profits of £250,000 or higher. Although a new “super deduction” will see companies wipe out their tax bills by investing in property, plant and equipment for the next two years, the [...]
Budget secures £21.7bn in stealth taxes for Treasury coffers March 4, 2021 The Chancellor has made use of fiscal drag to secure £21.7bn in steal taxes by the end of the 2025/26 tax year. Fiscal drag is a phenomenon where inflation gradually moves more taxpayers into higher tax brackets. Some commentators describe it as the ultimate steal tax. In yesterday’s budget Chancellor Rishi Sunak chose to [...]