Delivering his Budget to the UK House of Commons in London today (Weds, Mar 3), Chancellor Rishi Sunak confirmed that he would do “whatever it takes” to support both people and businesses through this “moment of crisis”.
A £65bn three-point plan details that corporation tax will increase to 25% from 2023 but income tax thresholds will freeze.
As the UK emerges from lockdown, the Chancellor’s immediate priority will be to support “those hardest hit” with extensions to furlough; self-employed support; business grants; loans and VAT cuts. This will bring total fiscal support to more than £407bn.
The UK economy is forecast to return to pre-Covid levels by mid-2022 and the UK is to borrow a peacetime record of £355bn this year.