“Today’s Budget does not draw a line under COVID-19; we have challenging months ahead”, said Chancellor Rishi Sunak.
Chancellor Rishi Sunak resisted temptation to raise taxes to start paying for the emergency support schemes that kept so many businesses afloat during the pandemic in 2020/21.
Instead, Sunak continues to bask in the warm glow reserved for generous chancellors following his latest Autumn Budget speech, thanks largely to cutting the Universal Credit taper rate by 8%, bringing it down from 63% to 55%, from 1 December 2021 at the latest.
Sunak also boosted struggling businesses with premises by revealing a five-point plan to retain and revamp business rates in England, starting with cancelling the multiplier for 2022/23 and confirming revaluations will take place every three years from April 2023, instead of every five years.
Beyond that, the Treasury took the unusual step of announcing several key measures well in advance of the day itself.
We have created a short video to outline the key announcements made during the Chancellors Budget speech
Our Autumn Budget Report also summarises the key changes and announcements made during the Chancellors Budget speech. Please click here – Autumn Budget 2021
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