Close. Earlier this year, the government announced the East West Rail Company’s preferred route for the new line between Bedford and Cambridge. Life Sciences Investment Programme – The Budget provides the British Business Bank with £200 million for a new dedicated equity investment programme that, invested alongside private sector capital, is expected to enable £600 million of investment to support the UK’s best health and life science innovations. The government wants to ensure that the United Kingdom continues to be attractive to investment and remains a dynamic environment to start and grow a business. [footnote 48] This reform is in line with the government’s ambition to support hardworking people and families through a fair and sustainable tax system. There is a current budget surplus of £11.7 billion in 2022-23, providing headroom against this rule. The relief will also be expanded to the leisure and hospitality sectors. [footnote 54] The Budget seeks to build on this progress with £643 million for accommodation and support services to help people off the streets and to start rebuilding their lives. This includes organisations such as the London School of Hygiene and Tropical Medicine, the Royal College of Art and the Institute of Cancer Research, among others. The number of people aged 16 years and over in paid work was 32.8 million in 2019 and was at a record high of 32.9 million in the three months to December 2019. The Budget announces the Nature for Climate Fund which will invest £640 million in tree planting and peatland restoration in England, increasing the rate of tree planting by over 600%[footnote 72] and covering an area greater than Birmingham over the next five years. Flood defences – Starting in 2021, the government will invest £5.2 billion in a six-year capital investment programme for flood defences. Save. Years beyond 2021-22 represent the overall capital envelope, which will be allocated to departments at the Comprehensive Spending Review 2020. As floods do not respect national boundaries, it is right that the devolved administrations will benefit from the Barnett consequentials of this substantial increase in government investment in flood and water infrastructure. To maintain the competitiveness of the UK financial services sector, the government will be taking a number of steps to ensure that the UK’s regulatory regime remains proportionate and effective. The government will invest in the security of everyone in the UK with additional funding for counter-terrorism policing and the UK intelligence community. The Sunday Times is reporting an emergency budget “pencilled in” for the week commencing 6 July. This funding will build on the £350 million of finance to life sciences firms currently supported by the British Business Bank by supporting large-scale venture growth funds. Leadership in key technologies – The government will invest over £900 million to ensure UK businesses are leading the way in high-potential technology and sectors, including nuclear fusion, space, electric vehicles, and life sciences. This new facility will be a world-leading centre for natural sciences research and international collaboration and will preserve this unique research collection for future generations. Small Brewers’ Relief (SBR) – The government will publish the results of our review into Small Brewers Relief in the spring. These include financial transactions, which predominantly affect the central government net cash requirement (CGNCR) and public sector net debt (PSND). Treasury bills for debt management purposes are forecast to constitute £62.0 billion of the total debt stock at the end of 2019-20. Call for evidence on VED – The government is publishing a call for evidence which will include how VED can be used to support the take-up of zero and ultra-low emission vehicles and reduce overall emissions from road vehicles. As part of this, the government will simultaneously consult on long-term options for the CCA scheme. (34), The government will publish a landmark National Infrastructure Strategy later in the spring which will set out plans for a once in a generation transformation of the UK’s economic infrastructure. (23), Capital Gains Tax: Reduction in the Entrepreneurs’ Relief lifetime limit – From 11 March 2020, the lifetime limit on gains eligible for Entrepreneurs’ Relief (which offers a reduced 10% rate of Capital Gains Tax on qualifying disposals) will be reduced from £10 million to £1 million, in response to evidence that it has done little to incentivise entrepreneurial activity and that most of the benefit accrues to a small number of very affluent taxpayers. This significant increase in spending means that by 2024-25, public sector net investment will be triple the average investment over the last 40 years in real terms, as shown in Chart 1.9. From the foundations of scientific investigation and the development of the laws of motion, through the industrial revolution and into the modern digital age – for centuries the UK has led the world. It will improve access to finance and credit for self-employed people, by extending funding for the Start-Up Loans programme as above and by exploring how to improve the guidance available for self-employed people applying for a mortgage. The government will temporarily extend SSP to cover: individuals who are unable to work because they have been advised to self-isolate, people caring for those within the same household who display COVID-19 symptoms and have been told to self-isolate. Whilst the press focus on the Budget on March 11, 2020 has been on the measures introduced to support those affected by COVID-19 and the cut in interest rates, the availability of finance for businesses in the UK will be impacted adversely by the March 11 announcement of the reintroduction of crown preference from December 1, 2020. Since 2010 the government has secured and protected over £200 billion of tax that would have otherwise gone unpaid. Local Infrastructure Rate lending – The government will provide an additional £1.15 billion discounted lending at 60 basis points above gilts via the Public Works Loan Board (PWLB) to support specific local authority infrastructure projects for England, Scotland and Wales. This investment will ensure that colleges have cutting-edge facilities to train people for jobs in the industries of the future, and is part of the government’s plan to upgrade the nation’s infrastructure. Housing co-operatives: Annual Tax on Enveloped Dwellings (ATED) and Stamp Duty Land Tax (SDLT) – To make the taxation of housing co-operatives fairer, the government will introduce a relief for qualifying housing co-operatives from the ATED and the 15% flat rates of SDLT on purchases of dwellings over £500,000. ↩, Getting smart about intellectual propery and other intangibles in the public sector: Budget 2018; HM Treasury; October 2018 ↩, Spending Round 2019; HM Treasury; September 2019. The government is committed to increasing support for victims of crime in their experience of the criminal justice system. (4). The development of these alternatives will be supported by the government more than doubling its investment in the Energy Innovation Programme. This will build on the previous review announced in July 2019, extending its scope to cover the full Strategic Road Network and other strategic locations in cities and rural areas. The Finance Bill 2019-21 was published on 17 March, and completed its scrutiny in the House of Commons on 2 July. The Budget also announces the launch of a fundamental review of business rates, due to report in the autumn. The government is therefore considering a new framework to evaluate the case for proceeding with significant balance sheet transactions. The government will ensure that public services receive the funding they need to respond to the outbreak as the situation develops. Call for evidence on pension tax administration – Those earning around or below the level of the personal allowance and saving into a pension may benefit from a top-up on their pension savings equivalent to the basic rate of tax, even if they pay no tax. The winners of the challenge are Fair for You with EML and Lending Metrics, Police Credit Union with Credit Kudos, and Capital Credit Union with Nivo and Soar who will each receive £200,000 to further develop and scale their solutions. The cap was last reset at Autumn Budget 2017, following the OBR’s judgement that the government had successfully met the terms of the welfare cap set at Autumn Statement 2016. Source: Office for National Statistics and Office for Budget Responsibility. This will deliver a range of local transport schemes, including an iconic new Central Park Bridge in Plymouth, a significant increase in the capacity of the Tyne and Wear Metro, and new cycleways in Bournemouth, Christchurch and Poole. These changes will take effect in England and Wales in April 2022. [footnote 103] (59), Response to the independent Loan Charge Review – The Budget confirms the government’s response to Sir Amyas Morse’s Independent Loan Charge Review[footnote 104] and sets out the Exchequer costs of accepting the recommendations. Winter flood defence fund – The government will provide £120 million to repair flood defences which were damaged in the floods in winter 2019-20. VAT Postponed Accounting – From 1 January 2021 postponed accounting for VAT will apply to all imports of goods, including from the EU. (35), Air quality – The government will provide an additional £304 million to reduce nitrogen dioxide emissions. UKEF support for exporters – To provide improved support for exporters in energy transition and clean growth sectors, UKEF will enhance its face-to-face support in the North of England and Scotland where energy supply chains are economically important. The COVID-19 outbreak is expected to reduce global growth this year. This includes continuing to ensure our health services have the resources they need to respond. 7 Departments have existing 2020-21 capital budgets. Every nation and region of the UK has higher employment and lower unemployment than in 2010. The BSR will conclude and report at this year’s Comprehensive Spending Review. They have been given the choice of taking on the updated block grant adjustments following the UK Budget or waiting for the outturn reconciliation processes that will take place after the end of 2020-2021. The government is exposed to £192 billion of contingent liabilities, including guarantees and insurance provided to the private sector. Underlying receipts are forecast to be £4.9 billion higher, driven by a combination of stronger National Insurance contributions (NICs), capital gains tax and onshore corporation tax receipts. Funding allocations for remaining City and Growth Deals – The government will provide funding for four City and Growth Deals in Scotland, Wales and Northern Ireland: £126 million for Mid, South and West of Northern Ireland, and £36 million for Causeway Coast and Glens. The government welcomes the statement by UK Finance on behalf of the sector which announced that banks, building societies and credit card providers are ready and able to offer support to consumers, including offering or increasing an overdraft or allowing repayment relief for loan or mortgage repayments. This annex sets out the details of the government’s financing plans in 2020-21. Until then, the government will provide £403 million for the Plug-in Car Grant, extending it to 2022-23. (18). As part of over £1 billion that the government has already committed to next generation digital infrastructure, the Budget announces the next seven areas that have successfully bid for funding from the third wave of the Local Full Fibre Networks Challenge Fund: North of Tyne (£12 million), South Wales (£12 million), Tay Cities (£6.7 million), Pembrokeshire (£4 million), Plymouth (£3 million), Essex and Hertfordshire (£2.1 million) and East Riding of Yorkshire (£1 million). By Karl Collins. This is the first Budget of a new government, the first of a new decade, and the first since the UK’s departure from the European Union (EU). (36), Nature for Climate Fund – The government will invest £640 million in afforestation and peatland restoration in England, delivering more than a 600% increase in current tree planting rates. Local transport supply chain study – The CSR will set out further plans for investment in local transport spending. The government and UKSA will respond to the consultation before the Parliamentary summer recess. The government’s fiscal response to the coronavirus pandemic has been enormous. Members’ pensions will not be affected by this transfer. As part of this, to help meet the challenge of net zero and ensure that the UK is at the forefront of new decarbonisation technologies, the Budget commits to at least double the size of the Energy Innovation Programme. ↩, ‘Call for evidence: the operation of Insurance Premium Tax’, HM Revenue & Customs, June 2019. ↩, ‘Measuring Intangible Capital in the Public Sector’ SPINTAN, December 2016 www.spintan.net/spintan-data ↩, https://www.lepnetwork.net/growth-hubs/ ↩, HMRC analysis based on Pay As You Earn Real Time Information, the ONS Inter-Departmental Business Register and Open Geography Portal. Ending weeks of speculation, Chancellor Rishi Sunak will hold an emergency Budget in all but name on Wednesday 8 July 2020 to usher in new support measures to help the economy move out of the coronavirus lockdown and to get the country working again. The drivers of any economic impact are health-related factors, including how many people get infected, the persistence of an outbreak and measures put in place to protect public health and prevent the spread. The Budget meets the government’s commitment to review the alcohol duty regime to ensure it works for UK producers and consumers. To complement its domestic response, the UK is leading the way to ensure a swift and effective global response, including by working closely with all our international partners and supporting the most vulnerable countries to deal with the impacts of the virus, including cooperating closely with counterparts in the G7 and G20. (65). Ahead of that, the Budget provides £29 million a year by 2023-24 to support primary school PE teaching and help schools make best use of their sports facilities. This measure will make it more difficult for non-compliant traders to operate in the hidden economy and help level the playing field for the compliant majority. In May 2019, the government transferred sponsorship of B&B’s and NRAM Ltd’s pension schemes to UKAR in preparation for B&B and NRAM Ltd being returned to private ownership. the government will invest £1.5 billion (£1.8 billion including indicative Barnett consequentials) over five years in capital spending to refurbish further education colleges, and has committed to a new £2.5 billion National Skills Fund to improve adult skills (£3 billion including indicative Barnett consequentials). 05 June 2019 Programmes' Performance Overview (2018) The Budget goes further to support places, regions and nations to grow. The government is tripling funding for the Darwin Plus programme to help protect and conserve the globally significant biodiversity found in UK Overseas Territories. From 1 April 2021, the government will align the VED treatment of new motorhomes and vans. A Budget focused on spending plans in order to help stimulate the economy post-pandemic is being finalised for delivery by Chancellor Rishi Sunak this week on Wednesday (July 8th). ↩, ‘Strategic investment and public confidence’, National Infrastructure Commission, October 2019. By Lee Boyce for Thisismoney.co.uk. To support those businesses, the government will provide £2.2 billion of funding for Local authorities in England. This will support over 25 local areas, urban, rural and coastal, from the North, the Midlands and the South, to take forward wider innovative actions that improve their resilience to flooding and coastal erosion. The government’s spending plans provide for significant real increases in spending on public services. Some £100m of new funding has been set aside for direct air capture, a technology that takes carbon dioxide out of the air, while an extra £10m will be given for new electric car development projects. (76). These considerations will form part of a consultation on aviation tax reform that will be published in spring 2020. Table B.1 sets out a full list of expenditure items within the scope of the welfare cap. Mini-Budget 2020 in full: Rishi Sunak's £30bn jobs announcement at a glance . 8th July 2020. Additionally, the government is working with the Scottish Government to devolve further tax and welfare powers as set out in the Scotland Act 2016. The government will therefore provide £3 million of funding for face-to-face training and assessment of staff across government who manage the most important contracts. The Budget also announces the launch of a further consultation on the detailed design and implementation of the tax, which includes consideration of an exemption for certain types of medical packaging. (26, 27). Mr Sunak unveiled a landmark 50pc discount for diners to spur demand and a huge VAT cut for the hospitality and tourism sectors. A new £2billion "Kickstart Scheme" was … The government is committed to levelling up investment across nations and regions to improve living standards nationally, as well as to address disparities in economic and social outcomes. This includes a £5 billion COVID-19 response fund to ensure the NHS and other public services receive the funding they need to respond to the outbreak as the situation develops, and recover and return to normal afterwards. Follow the latest commentary from Deloitte. By James Peckham, James Rogerson 10 December 2020. The ONS’s headline measure of inflation, the Consumer Prices Index including owner occupiers’ housing costs (CPIH), was also 1.8% in January 2020. Public safety is the government’s top priority in its response to COVID-19. Date: 29 July 2020 . UK Budget Add to myFT. Land availability, as constrained by the planning system, is the most significant barrier to building more houses. Best Gaming Laptops (Updated for July 2020!) Public bodies are spread across the country and this support will help level-up regional innovation capability and networks outside of the South East. The government is working closely with the devolved administrations on this issue and it stands ready to provide further support. Having taken expert advice, the Budget confirms an additional £1 billion to remove unsafe cladding from residential buildings above 18 meters to ensure people feel safe in their homes. The ‘25 Year Environment Plan’ sets out the government’s ambitions for clean air and water, thriving plants and wildlife, and mitigating and adapting to climate change. Yet there was a range of announcements that will likely have important implications for the UK economy and household finances. (24). Some policy measures do not directly affect PSNB in the same way as conventional spending or taxation. Towns are home to some of our key businesses and employers. 1 The debt interest to revenue ratio is defined as public sector net interest paid (gross interest paid less interest received) as a proportion of non-interest receipts. The government recognises that people will be concerned about the impact COVID-19 could have on their lives, and some businesses will be concerned about reduced demand, potential disruptions to supply chains and export markets, and to their workforce during this temporary period. From early 2021 this will mean that those in problem debt can access a 60-day breathing space, including for debts to HMRC, while they engage with debt advice and work towards a sustainable debt solution. Where they have one tank for propulsion and heating, the government will explore options that prevent them from having to pay a higher rate of duty on their heating use than they would otherwise have to pay. The Budget also announces reforms to the intangible fixed assets regime to reinforce the attractiveness of the UK as a place for businesses to own and manage intellectual property, a review of the UK funds regime, as well as an industry working group on the future of VAT and financial services. In the interim years, progress towards the cap will be managed internally, based on monitoring by HM Treasury and the Department for Work and Pensions (DWP) of the OBR’s welfare spending forecasts. UK BUDGET. This will support world-leading organisations such as the London School of Hygiene and Tropical Medicine, the Royal College of Art and the Institute of Cancer Research among others. [footnote 67] The Budget is backing UK scientists and businesses to maintain and build on this international leadership. The Office for Budget Responsibility (OBR) has revised up the cost of the government’s COVID-19 response by tens of billions and said it expects the UK economy to face its worst downturn in 300 years this year. And, in common with other advanced economies, the transition to a net zero emissions economy by 2050 will require radical changes in every sector. [footnote 10] The Chancellor also confirms that the Asset Purchase Facility (APF) will remain in place for the financial year 2020-21. [footnote 41],[footnote 42] The Budget confirms the government’s commitment to increase the National Insurance contributions (NICs) Primary Threshold and Lower Profits Limit, for employees and the self-employed respectively, to £9,500 from April 2020. The Budget also sets out a plan to invest in research and development (R&D) and cutting-edge technologies. The government is also helping people with the cost of living by freezing fuel duty for the tenth consecutive year, freezing all alcohol duties, applying a zero rate of VAT to e-publications, abolishing the tampon tax, and making it easier for parents of up to 500,000 school-age children to access Tax-Free Childcare. In addition, the government will invest £13 million to expand the British Library’s network of Business and Intellectual Property Centres to 21 cities and 18 surrounding local library networks across England, providing entrepreneurs with business support, free access to market intelligence, IP workshops and one-to-one coaching. Disruption could include temporary absences from work and interruptions to global supply chains, both of which would constrain the UK’s productive capacity for a temporary period. Posted by 4 months ago. Source: Office for Budget Responsibility. (60), Corporation tax (CT) rate – Since 2010 the government has cut the headline rate of CT from 28% to 19%, giving the UK the lowest headline rate in the G20. To build on this, the Budget will provide the British Business Bank with the resources to make up to £200 million of additional investment in UK venture capital and growth finance in 2020-21. Rishi Sunak’s mini-budget will be the most leftwing in years. Compared to the restated March 2019 forecast, borrowing is lower in 2019-20, but higher in every other year of the forecast. ↩, The OBR’s measure of RHDI per head differs from the ONS’s by including households and non-profit institutions serving households (NPISH) in the calculations, whereas the ONS measure refers to households only. The government expects most of this funding to be used to provide more council tax relief, either through existing Local Council Tax Support schemes, or through complementary reliefs. To support pubs in response to COVID-19 the discount will be increased to £5,000. BEIS will shortly publish a consultation on the merits of strengthening the powers of the Small Business Commissioner. West Midlands local growth funding – The government is devolving over £160 million from the Local Growth Fund to West Midlands Combined Authority to accelerate progress on the Eastside Metro extension and phase one of the Sprint bus rapid transit network. (40, 41). Advice for exporters – DIT will increase its capacity to support exporters focused on the Northern Powerhouse, the Midlands Engine and the South West by increasing the number of international trade advisers available to provide personalised support to exporters. Clarifying the treatment of Limited Liability Partnership (LLP) returns – The government will legislate prospectively and retrospectively in Finance Bill 2020 to put beyond doubt that LLPs should be treated as general partnerships under income tax rules. Performance against the cap will be formally assessed by the OBR at the first fiscal event of the next Parliament. [footnote 20] Spending Round 2019 funded vital public services: high‑quality, readily accessible healthcare; schools and colleges that ensure every child receives a superb education; and action to cut crime and help keep our streets safe. Can Labour capitalise? National Museums maintenance – The government is providing £27 million for critical maintenance work on the National Museums’ estates. These will be published as part of the CSR and will include cross-cutting outcomes in areas where closer working between departments could help achieve better results. Research is essential in order to understand COVID-19, and it will inform how the NHS frontline service approach tackling the virus. [footnote 33] The second Road Investment Strategy (RIS2) will spend over £27 billion between 2020 and 2025. Everyone should be able to access a safe and affordable home. The funding will support high quality teacher training and professional development for PE, informed by best practice PE teaching. To support small businesses in response to Covid-19 the retail discount will be increased to 100% and expanded to include hospitality and leisure businesses for 2021. This will allow the government to vary import duty where it considers this appropriate, having regard to relevant international agreements and obligations. The government is committed to long-term reform of adult social care and the Secretary of State for Health and Social Care has written to parliamentarians to begin building cross-party consensus on reform. Where Budget measures do not apply across all nations, the devolved administrations will receive significant additional funding through the Barnett formula to invest further in public services, infrastructure and other priorities: the Scottish Government’s block grant will increase by over £640 million through to 2020-21 before adjustments for tax devolution, the Welsh Government’s block grant will increase by over £360 million through to 2020-21 before adjustments for tax devolution, this includes a 5% uplift in Barnett consequentials agreed as part of the Welsh Government’s fiscal framework in 2016, the Northern Ireland Executive’s block grant will increase by over £210 million through to 2020-21. Banks and other providers of SME finance will also provide support for businesses that are facing cash flow disruption and stand ready to help when needed. Day-to-day departmental spending is set to grow at the fastest rate over a spending review period since Spending Review 2004. 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