Rishi Sunak announced his Budget to the House of Commons this afternoon – revealing the government’s financial blueprint for recovery after one of the most tumultuous economic years on record.
Whilst the image of the Chancellor holding aloft the iconic red briefcase always attracts interest, the build-up to ‘Budget 2021’ had been accompanied by considerable buzz.
Many businesses have only been permitted to trade for a few months since COVID-19 first forced Britain into lockdown last March, whereas some sectors have remained closed entirely.
With an ‘irreversible’ roadmap to reopen the economy now published, millions have been speculating as to whether financial support will remain available – and how the country will get back on its feet.
Here’s a breakdown of everything Sunak had to say in his address to MPs on March 3.
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What was in the 2021 Budget?
Sunak’s debut Budget in March 2020 was an anomaly; including a series of policies designed to manage the economic impact of a deadly virus which was, back then, only in its infancy.
But the pandemic quickly spiralled out of control in the aftermath of that address, and the Chancellor has been forced to make regular interventions ever since to keep the economy afloat.
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On Wednesday, Sunak announced how the country planned to recover from its £355 billion debt incurred during the past 365 days, as well the financial support that will be accessible.
Sunak unveiled a three-part plan to “protect the jobs and livelihoods of the British people”, predicting a “swifter and more sustained recovery” to pre-COVID levels by the middle of 2022.
The furlough scheme will be extended
To protect the jobs and livelihoods of the British people through the remaining phase of this crisis, the furlough scheme will be extended until the end of September. #Budget2021pic.twitter.com/q48eo1ppqI
The Coronavirus Job Retention Scheme has resulted in millions of employees being furloughed since March – with the government covering 80% of wages for hours staff cannot work.
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Around 11 million jobs have been protected as a result.
The Chancellor confirmed on Wednesday that this furlough scheme is set to be extended until September 2021.
However, as the economy reopens again, employers will be expected to make contributions.
From July, companies will need to pay 10% towards furlough payments. This will increase to 20% in August and September.
The National Living Wage will be increased to £8.91 from April.
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Self-employed support will continue
Support for the self-employed will continue with a 4th grant covering February to April, and a 5th grant from May.
As the tax return deadline has now passed, 600,000 more people, many of whom became self-employed last year, can now claim the 4th and 5th grants. #Budget2021pic.twitter.com/1nJO2ZmPqn
The Chancellor also confirmed further support for the self-employed in the weeks ahead.
This includes a fourth grant covering February to April, and a fifth grant from May.
Sunak added: “As the tax return deadline has now passed, 600,000 more people, many of whom became self-employed last year, can now claim the 4th and 5th grants.”
Grants are being made available for retail, hospitality and personal care companies
‘Restart Grants’ worth £5 billion are being introduced to support businesses before reopening.
This includes grants of up £18,000 for pubs, hairdressers and gyms.
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Non-essential retail premises will be able to claim up to £6,000.
The 5% reduced rate of VAT will also be extended for six months to September 30 – with an interim rate of 12.5% for six months.
Business rates relief will continue until the end of June.
Apprentice incentive payments are being increased
We’re taking what works to get people into jobs and making it better.
Today we’re doubling the apprentice incentive payments we give businesses to £3,000 – that’s for all new hires, of any age. #Budget2021pic.twitter.com/1ld67CRfNr
To help get young people into jobs, the Chancellor has also announced that apprentice incentive payments for businesses will be increased.
“Today we’re doubling the apprentice incentive payments we give businesses to £3,000 – that’s for all new hires, of any age,” he stated.
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The Stamp Duty cut is being extended
The new £500,000 nil rate band for #StampDuty won't end on 31st March, it will end on the 30th June.
Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September. #Budget2021pic.twitter.com/jq7APWRP5M
Sunak also confirmed that the Stamp Duty cut will be extended by three months.
The Chancellor stated: “The new £500,000 nil rate band for Stamp Duty won’t end on March 31, it will end on the June 30.
“Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.”
Planned duty increases for alcohol and fuel are being cancelled
Planned increases in duties for spirits have been cancelled / Image: Adam Wilson via Unsplash
Elsewhere in the Budget, the Chancellor announced that planned increases in duties for spirits like Scotch whisky, wine, cider and beer will all be cancelled.
The planned increase in fuel duty is also being cancelled.
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Paying back the debt…
We're not going to raise the rates of income tax, national insurance, or VAT.
Instead, we are freezing personal tax thresholds. Nobody’s take home pay will be less than it is now, as a result of this.
In an attempt to pay back the money borrowed to fund the government’s COVID economic recovery packages – which has led to the highest rate of UK borrowing since World War II – Sunak said that he would be freezing personal tax thresholds.
Corporation tax will increase to 25% from April 2023.
The Chancellor pledged not to raise the rates of income tax, national insurance, or VAT.
“Nobody’s take home pay will be less than it is now, as a result of this,” Sunak stated.
“It is a tax policy that is progressive and fair.”
Body of woman found in River Mersey last year finally identified after ‘extensive’ investigation
Emily Sergeant
The body of woman who was found in the River Mersey last year has finally been identified.
Following what has been described as an ‘extensive investigation’ by Greater Manchester Police‘s (GMP) Major Incident Team to determine the identity of the body, which was sadly discovered in the river adjacent to Chorlton Water Park on 21 March 2024, the family of the victim has now been informed and supported by specialist officers.
The victim has been formally named as 38-year-old Laura Stanley, who was originally from Derbyshire but was living in Stockport.
After the body was discovered, and ‘exhaustive and determined’ investigation by GMP officers began to identify here, including detailed checks of both national and international databases.
The Major Incident Team (MIT) also closely worked in collaboration with specialist forensic service providers to create an anthropological profile, which eventually culminated in the creation of a facial reconstruction image.
Following several media appeals, a relative of Laura contacted officers and then a DNA match was confirmed through a familial link.
“Laura was a kind and gentle person with a great sense of fun and adventure,” Laura’s family said in a heartbreaking tribute to her.
“She was generous, thoughtful, caring and always keen to volunteer within the community. Laura was a proud and loving mum and she will be greatly missed by her girls and all of her friends and family who loved her dearly.”
The River Mersey, across from Chorlton Water Park, where Laura’s body was discovered / Credit: Wikimedia Commons
While Laura has now been identified, police say further investigations will take place to understand her last movements, the events that led to her death, and her discovery in the river.
Additionally, as is standard practice, GMP’s Professional Standards Directorate is also reviewing a previous missing report relating to Laura in the time before the discovery of her body, which will determine prior contact relating to Laura, and whether the appropriate measures were enacted.
#UPDATE | A woman who was discovered in the River Mersey last year has been identified following an extensive investigation by officers in GMP’s Major Incident Team.
Thank you to those of you who have shared our appeals over the last year.
Anyone who knew Laura and thinks they may be able to assist with the investigation is asked to contact police by calling 101, or by using the Live Chat Service at gmp.police.uk, quoting log number 1191 of 21 March 2024.
Alternatively, you can contact the Major Incident Team Syndicate 3 directly on 0161 856 9479, or the independent charity Crimestoppers anonymously on 0800 555 111.
It is currently believed that Laura was last seen around January 2024.
Featured Image – GMP
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More than 70,000 home buyers set to pay thousands after missing stamp duty relief deadline
Emily Sergeant
More than 70,000 home buyers across England are estimated to have missed the stamp duty relief deadline.
This sadly means they’ll be required to fork out thousands of pounds extra.
In case you hadn’t heard, up until yesterday (31 March 2025), anyone who was moving and had bought a home in the past was not required to pay Stamp Duty Land Tax, better-known as just stamp duty, on the portion of the property price up to £250,000.
But from today (1 April), this threshold has now fallen back to £125,000, which unfortunately means that property purchasers are facing an extra £2,500 in moving costs, on average.
While the end of the stamp duty relief will mostly affect those Greater Manchester buyers who had already previously purchased properties, first time buyers are sadly not exempt from the deadline changes too, as their current stamp duty threshold of £425,000 has now fallen back to £300,000 as of today.
Person holding the keys to a new house in their hand / Credit: Maria Ziegler (via Unsplash)
Given that the average property price for a first time buyer-type home is currently around £227,965, according to Rightmove, the new £300,000 threshold may hit those purchasing properties in more expensive areas – particularly the South East.
A third of those estimated 70,000 home buyers who have missed the deadline are thought to be first time buyers.
Leading property platform Rightmove published an analysis in February into just how much of an impact the end of the stamp duty relief would have on home buyers, all while calling on the UK Government to announce a short extension to the deadline to help people in the middle of the property purchasing process avoid potentially thousands of pounds in extra moving costs.
But despite these calls from industry leaders, there was no extension to the deadline announced in the last week’s latest Spring Statement.
“It’s extremely disappointing that the Government has not used the Spring Statement as an opportunity to extend the impending stamp duty deadline for those currently going through the home-moving process,” commented Rightmove’s property expert Colleen Babcock.
“We estimate over 70,000 people are going to miss the deadline and complete in April instead, and a third of those are first time buyers.”
The Manc -
3rd March 2021 
