The Budget will help to build the “Prime Minister’s economy of increased salaries, skills, and productivity”, according to the Chancellor.

  • The OBR has reduced its estimate of the economic impact of Covid-19 from 3% to 2%, Mr Sunak told the Commons.
  • A pandemic-related drop in unemployment from 13% to 5% is projected by the OBR, the Chancellor told MPs.
  • The minimum wage will rise to £9.50 an hour from £8.91 this year.
  • The Universal Credit taper rate will be reduced by 8% from December 1, bringing it down to 55%.
  • The system of “the stronger the drink, the greater the rate” is being “radically” simplified. This will reduce the price of a pint by 3p and apply to beverages served from draught containers above 40 litres.
  • A planned increase in gasoline duty will be scrapped due to the highest pump prices in eight years.
  • Flying from England to Scotland or Wales or Northern Ireland will be subject to a new reduced rate of APD from April 2023.
  • The Expenditure Review will result in a £150 billion increase in total spending across all Whitehall departments, according to the Chancellor.
  • To remove dangerous cladding, Mr Sunak indicated that a 4% fee on building developers with earnings exceeding £25 million would be introduced.
  • There will be an average annual rise of £4.6 billion for the Scottish Government, £2.5 billion for the Welsh Government, and £1.6 billion for the Northern Ireland Executive.
  • There will be an additional £2.2 billion for courts, prisons, and probation services, with £500,000 going to court backlogs.
  •  £300 million will go to “A Start for Life” parenting programmes, with a further £170 million for childcare by 2024/25.
  • The Chancellor announced a 37% increase in core scientific investment to £5.9 billion per year by 2024-25.
  • A new 50% business rates reduction will apply to retail, hotel, and leisure enterprises, with a maximum deduction of £110,000.
  • Prior to the Budget, £7 billion in transport money was pledged for Greater Manchester, the West Midlands, and South Yorkshire, but just £1.5 billion was deemed to be “new”.
  • A £6 billion package of financing will assist solve NHS backlogs and invest in technology.
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