A budget for business?
27th October 2021
Latest news for Masterlord businesses as Chancellor Rishi Sunak announced his budget today, striking a positive note despite rises in inflation, unemployment and fuel costs.
Headlines for business:
New 50 per cent business rates discount will apply in the retail, hospitality and leisure sectors, with eligible businesses able to claim a discount up to a maximum of £110,000. This falls short of the across-the-board cut to business rates many hoped for.
More frequent revaluations every three years from 2023, a 12-month rate holiday on property improvements, and relief for business owners adopting solar panels.
Government spending on skills and training up by £3.8bn over the parliament, an increase of 42%.
National Living wage increased from £8.91 to £9.50 an hour for workers aged 23 and over (which we already knew).
Universal Credit claimants to keep more of their benefit as they earn more, after the £20pw cut this month.
Planned fuel duty rises cancelled, domestic air passenger duty reduced (although some long-haul flights will pay more)
Increase on duty for spirits, beers and wines cancelled, with a simplified system and reduced rates for lower-strength drinks such as rosé, fruit ciders, and lower strength beers. Draught beer and cider duty reduced, encouraging craft suppliers.