The Budget 2021:The Quick Facts.

  • Furlough is to be extended up until September 2021.
  • National Insurance and VAT rates are set NOT to go up as more people are pushed in to the top income bracket instead.
  • Personal income tax threshold frozen after next year until 2026.
  • Corporation tax is set to go up from 19% to 25% but not until 2023, exemptions put in place for smaller businesses as income tax thresholds are frozen.
  • Stamp duty extended to end of June in efforts to boost the housing market.
  • 600,000 more self-employed people are to benefit to new government grants as the criteria is widened.
  • Business rate reprieve to last until 30th June.
  • £20 weekly top up is extended for universal credit for six months to help those struggling households.
  • Reduced 5% VAT is to be extended for another 6 months until September 30th and then the rate to be phased into a staggered return.
  • Vaccine distribution roll out is given extra funding to speed up completion.
  • The return of 95% mortgages backed by the government aid scheme to aid first time buyers on to the housing ladder.
  • £150 million to be given to communities take over to prevent pubs/community centers from closing.
  • New infrastructure bank located in Leeds to support projects that go towards the governments target of net zero carbon emission by 2050.
  • Eight new ‘freeport’ locations in special economic zones placed in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teeside.
  • £300 million summer sports recovery package inc cash for English cricket.
  • Darlington confirmed as the home of the treasury’s new northern hub.
  • Alcohol duty frozen for the second consecutive year.