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.”
70% of North West residents think Andy Burnham has ‘done well’ as Greater Manchester Mayor
Emily Sergeant
A new survey has revealed that 70% of North West residents think Andy Burnham has ‘done well’ in his job as Greater Manchester Mayor.
It this point, it’s hardly a secret that Andy Burnham’s run in the upcoming Makerfield by-election is about more than just becoming an MP, with expectations that – if he wins, of course – he will go on to challenge Keir Starmer for the position of Prime Minister.
But do Brits believe Burnham has what it takes for the top job? Well, YouGov has set out to answer this question with a new survey, seeing how much people think he’s succeeded in his role as Mayor of Greater Manchester.
The survey found that Brits tend to believe Burnham has ‘done well’ in his current job as Mayor, with 44% of survey respondents nationwide saying so, in comparison to just 12% who’ve gained the impression he’s done poorly and a further 44% saying they are unsure.
70% of North West residents think Andy Burnham has ‘done well’ as Greater Manchester Mayor / Credit: GMCA | Mylo Kaye (via Unsplash)
Although this poll is, admittedly, not a large enough sample to examine Burnham’s reputation in Greater Manchester alone, it was discovered that an impressive 71% of those in the wider North West region think he’s done a good job, while just 14% believe the opposite.
The most interesting part about this statistic is that Burnham’s reputation as an effective Mayor appears to be spread across political parties – even somewhat conflicting one.
It includes 66% of those who voted Labour in 2024, as well as 56% of those who backed the Lib Dems and 51% of those who voted Green. Conservative voters also tend to believe Burnham has been a good Mayor, by 41% to 19%, while Reform UK voters are split 33% to 31% on his effectiveness.
Britons tend to think it's unclear what Andy Burnham stands for, even if more feel it's clear what he believes than what Keir Starmer believes
Around four in 10 Brits (39-43%) describe Burnham as being competent, likeable, and decisive, and around 27% see him as trustworthy.
Whether he is ready for a promotion to Prime Minister in the future though, now that divides the public.
According to YouGov’s findings, a third of Brits (33%) believe Burnham looks like a leader ‘in waiting’, but this is then matched by the same amount who feel he doesn’t look like a Prime Minister at present.
While the public might not be sold on Burnham as a Prime Minister just yet, what can be seen is that opinion on whether he is up to the job compare favourably to current opposition leader, Kemi Badenoch.
Featured Image – TfGM
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Transfers: Manchester United reportedly in the race for Rafael Leao as asking price is revealed
Danny Jones
In the latest transfer news coming out of Manchester, Man United are reportedly set to make the first move in an effort to sign Serie A star Rafael Leao after AC Milan are said to have ‘offered’ the wantaway winger to Premier League rivals Arsenal.
After being linked with MUFC on and off in the past, this could shape up to be a tasty tug of war if all rumours are to be believed.
But a recent interview by Leao may have pricked up ears over at Old Trafford and Carrington:
Do you think there are some hints being dropped here?…
Speaking to London-born and now Manchester-headquartered (interesting…) streetwear and jewellery brand Cernucci on their new podcast, the Portuguese international confessed to presenter Fred Buckley that he spent much of his childhood watching Man United, and still does to this day.
While he also admitted he likes Arsenal, adding even more fuel to the fire of the links with the Gunners, he also named Cristiano Ronaldo as his idol; either way, the ‘Rossoneri’ are believed to be asking for between £43-50 million for the former Sporting and Lille player.
A teammate of his with the national squad and having starred for major European sides, winning silverware – a Serie A title and Italian Super Cup, as well as a UEFA Nations League with Portugal – he’s evidently looking to try and emulate his fellow compatriots’ success moving forward.
Now 26 years old, he’s at a crucial juncture in his career, and despite being criticised for his work rate and efforts off the ball at times, not to mention blowing somewhat hot and cold in and around a fair few injury problems, the next big money move feels almost inevitable as he approaches his ‘prime’ years.
As you can see, many Milan fans have seemingly turned on him already after he made his plans to depart rather publicly, which has also seen him pop up on the radar of several other Champions League competitors this summer.
One such alternative suitor outside of English football is Galatasaray, with multiple Italian and Turkish outlets claiming that the club are the only team to be drawing up a ‘formal proposal’ thus far.
Journalist Matteo Moretto does state, however, that no official offer has been made as yet.
The Manc -
3rd March 2021 
