Budget 2020: Stamp duty hiked for overseas buyers March 11, 2020 The government will go ahead with plans to increase stamp duty for overseas buyers, chancellor Rishi Sunak announced today. He said the government will introduce a new stamp duty surcharge of two per cent for foreign buyers to make it easier for domestic buyers as part of a range of measures to tackle the housing [...]
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: Chancellor dodges fiscal rule change as borrowing rises March 11, 2020 UK chancellor Rishi Sunak has deferred a decision over changes to Britain’s spending rules, saying he will consult experts and report back in the autumn. The decision came as the chancellor announced the UK budget deficit would rise to 2.4 per cent of GDP in the 2020-21 financial year, up from 2.1 per cent this [...]
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 [...]
Budget 2020: Beer duty increase scrapped March 11, 2020 Chancellor Rishi Sunak announced today that he will scrap the planned beer duty increase in a move to protect pubs. He also announced that duty will be frozen on wine and cider, and said that the business rates discount for pubs will increase from £1,000 to £5,000. Sunak said: “I’m also pleased to announced that [...]
Budget 2020: Sunak continues fuel duty freeze March 11, 2020 Chancellor Rishi Sunak has announced fuel duty will be frozen for another year. The freeze was first announced in 2010 by then chancellor George Osborne and has remained in place ever since. 36 conservative MPs had written to the Sunak asking him to keep the freeze in place. “I am pleased to announce today that [...]
Chancellor Rishi Sunak extends sick pay amid coronavirus fears March 11, 2020 Chancellor Rishi Sunak today announced that sick pay measures will be extended to anyone advised to self-isolate due to coronavirus. In his Budget speech this afternoon, Sunak said anyone in isolation will be able to get a sick note by calling 111, while payments will be made from day one rather than day four. The [...]
Budget 2020: Business rates cut for more small leisure and retail firms March 11, 2020 Small retail, leisure and hospitality businesses will be exempt from paying business rates for one year as part of an emergency budget to protect the economy from the impact of the coronavirus outbreak. All retail, leisure and hospitality businesses with a rateable value of less than £51,000 will be exempt from paying business rates over [...]
Tech giants summoned to Downing Street in coronavirus crackdown March 11, 2020 Prime Minister Boris Johnson has summoned major tech firms to Downing Street tonight as the government cracks down on misinformation about coronavirus. Executives from all big social media companies are set to attend the Tech CEO Round Table, where they will be asked to commit “data, assets and expertise” to the fight against the outbreak. [...]
Treasury deep-cleaned on eve of Budget after official’s partner tests positive for coronavirus March 11, 2020 The Treasury was deep cleaned last night on the eve of today’s Budget announcement after an official’s partner tested positive for coronavirus. Officials have been told they can work from home today, despite it being one of the biggest days in the fiscal calendar. The Treasury confirmed a Buzzfeed report that the unnamed official has [...]