The Government’s Budget 2020 has been published today, Wednesday 11th March. A breakdown of some of the headlines is below. If you wish to see the full details and view information on The Budget, including changes to business rates, National Insurance contributions and Statutory Sick Pay, visit the Government’s website here.
- Business rates will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value of up to £51,000 for this year.
- Any company entitled to small business rates relief will be eligible for a £3,000 cash grant.
- The Budget provides for £2 billion Statutory Sick Pay for up to two weeks for firms with fewer than 250 employees.
- Business rates discounts for pubs to raise from £1,000 to £5,000 this year.
- National Insurance contributions threshold to raise from £8,732 to £9,500, saving people just approximately £100 per year.
- £5 billion funding invested in gigabit capable broadband to improve coverage in rural areas.
- Fuel duty to be frozen for 10th consecutive year.
- Government to spend £27 billion on more than 4,000 miles of road.
- ‘The Budget announces a £12 billion plan to provide support for public services, individuals and businesses, whose finances are affected by COVID-19.’ – Budget 2020
- ‘Compared to 2018-19, NHSEngland will receive a cash increase of £34 billion a year by 2024’ – Budget 2020
- 30,000 hectares of trees will be planted – a forest the size of Birmingham – and 35,000 hectares of peatland restored.
- £643 million for accommodation and support services to help rough sleepers.
We are awaiting full information with regards to the details and how these changes will be implemented and we will update you as soon as we have more information.