I am proud to support Rishi Sunak and the Treasury team in my role as a Parliamentary Private Secretary. This year's budget contains measures to support people through the pandemic and put us on the path to recovery. Headlines:
- Extending furlough until the end of September
- Two further grants for the self-employes – and bringing in more than 600,000 people who became self-employed in 2019/20
- Restart grants of up to £18,000 to get our retail, hospitality, leisure and personal care businesses going again
- Business rates holiday extended for 3 months, before tapering for another 9
- Extending the VAT cut to 5 per cent for a further six months, before tapering for another six
- Continuing our stamp duty cut for another three months, before tapering for another three
- Extending Universal Credit and Working Tax Credits by six months
- More money for apprenticeships and traineeships
- New Recovery Loans to replace our existing loan schemes
- Further support for Gatwick Airport
- £700 million for arts, culture and sports
- A brand new 95% mortgage guarantee for prospective homebuyers
- Asking the largest, most profitable firms to pay more in two years’ time by increasing corporation tax to 25% – while still being the lowest in the G7, and the fifth lowest in the G20
- Introducing an unprecedented Super Deduction on capital investment for businesses – a £25 billion tax cut
- Maintaining personal tax allowances at their current levels from April 2023 until 2026
- Keeping inheritance, capital gains and pensions lifetime allowances, and the VAT threshold at current levels
- Keeping our manifesto pledge with no increases to income tax, NICs or VAT
- Freezing alcohol duty and fuel duty
- Launching our £150 million Community Ownership Fund
- Opening bidding for the Levelling Up Fund (with capacity funding) and the UK Community Renewal Fund
- Help to Grow to boost the productivity of our small businesses
- Visa reforms to attract highly-skilled migrants to Britain
- Green initiatives: a new retail bond, offshore wind funding, and new carbon markets
- Future Fund Breakthrough to fund high growth companies, and ambitious reforms to IPO listings
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