Rishi played a blinder on his first run out and put a solid performance in on his inaugural budget. To be fair to all the previous Chancellors the Conservative party have fielded since they regained power, did set him up to play a solid economy forward. In fact their previous efforts had reduced the national deficit by four fifths. The new Chancellor was running into strong headwinds in light of the current COVID-19 pandemic though. We here at DevDosh Ltd towers have poured over the Budget 2020 – DELIVERING ON OUR PROMISES TO THE BRITISH PEOPLE document to present the highlights below.
COVID-19 and Public Services
- Access to a fund for emergency response purposes by the NHS and public services totaling £5 billion
- Anyone who has been instructed to self-isolate will be awarded statutory sick pay
- ESA payments upgraded to kick in immediately rather than waiting a week
- Access to a fund for councils in England to assist with hardship issues for people classed as vulnerable
- Short term sick pay payment refunds for small firms
- Business interruptions loans for small firms of up to £1.2 million
- Firms in leisure, hospitality and retail to have business rates abolished under certain circumstances
- £6 billion in funding for NHS to help recruit staff and pay for the first phase of hospital upgrade work
Personal tax, pension and wages
- National Insurance Contribution tax threshold will rise to £9,500 up from £8,632
- 500,000 employees will not need to pay tax at all via The Move initiative which was initially announced in November 2019
- Tampon tax to be scrapped
- Tax due on high income pensions will be recalculated
Of course there are many other areas of interest. Alcohol, tobacco, fuel, business, environment, energy, transport, infrastructure, housing and multiple regional projects can all be read about in the document which can be found on the internet easily.
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