In yesterday’s Budget the Chancellor announced a package of increased spending of £150bn, over the next three years, seemingly already spending the increased taxes to be raised by the forthcoming rises in National Insurance and Corporation Tax.
Aside from the cuts to Business Rates there was little cheer for businesses and their owners who will shoulder a large proportion of this burden in the coming years.
- Key announcements included:
- From 1 April 2022, the National Living Wage will rise from £8.91 per hour to £9.50
- Recovery Loan Scheme extended until 30 June 2022
- Business rates to be retained and reformed and a 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000
- Consultation on an online sales tax
- £1.4bn to encourage foreign investment into UK businesses and attract overseas talent
- £312m for start-up loans to support an additional 33,000 entrepreneurs
- £150m for the Regional Angels Programme to increase investment outside London and the south east
- £1.4bn Global Britain Investment Fund to encourage “internationally mobile” businesses to invest in sectors including life sciences and automotive
