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
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
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
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
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
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…
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.”
Jackass star Bam Margera cancels Manchester shows due to ‘injury’ after street fight video emerges
Danny Jones
Former Jackass star Bam Margera has had to cancel both of his Manchester shows just hours before the first event was supposed to take place due to injury.
The skater, TV personality, filmmaker and former stunt performer is currently in the UK for his Q&A tour and live interview series with DJ and presenter Matt Stocks, having recently played in Glasgow and a pair of shows in the Republic of Ireland.
However, the 44-year-old has unexpectedly had to cancel both of his intimate conversation dates at Gorilla in the city centre, with the venue citing “unforeseen complications emerging from a recent injury”.
He was set to play this evening and again next week on Tuesday, 30 April, with the shows billed as somewhat of a meet and greet with Margera and him “talking from the heart”.
While details surrounding how the scrap arose and the identity of the other man in the video still remain scarce, Margera has officially claimed self-defence. He can be heard shouting several expletives in the man’s direction throughout the altercation.
Responding to what he called a ‘bum fight’ on his other Instagram page, he tells 911: “Get a police officer here. Los Angeles Police Department is fucking worthless…
“You should be ashamed of yourselves… It’s been two hours of us trying to sleep and, fucking, this dude’s throwing shit everywhere and nobody showed up.”
Speaking to TMZ, a representative from his team reiterated that the unidentified male was the aggressor and eventually exited the situation with both parties leaving without injury at the time.
That being said, is still unclear as to whether the incident and the cancellation of his Gorilla shows in Manchester are linked.
Offering a separate statement directly, he added: “I’m not going to be threatened or attacked without defending myself and my friends or people trying to just walk by this idiot, I aimed only to neutralize the threat and ensure the safety of my crew.”
Bam’s rep told the outlet that the altercation ended with no injuries and the aggressor eventually departed and he is still yet to issue a response after calling off the remainder of his dates.
FA Cup final confirmed for 3pm kick-off time as Metropolitan Police stress safety for fans
Danny Jones
The start time for the 2023/24 FA Cup final has officially been confirmed with holders Manchester City and challengers Manchester United set to kick off at 3pm on Saturday, 25 May.
It’s a Manc final for the second year running and yet another Manchester Derby this year as City beat Chelsea on penalties to try and defend one of their trophies from last season and Man United did just about enough to scrape through against Coventry City this past weekend.
Logistics and travel arrangements for the conclusion of last year’s FA Cup proved problematic, with the Metropolitan Police stressing that they needed the schedule brought forward to try and help curb crowd trouble – the first time the final had been reverted back to a traditional 3pm start since 2011.
Kick-off times for the knockout tournament have varied for the last three finals, having taken place at 4:45 and 5:15pm in the two years prior to 2023’s first-ever all-Manchester final, but it looks as though the same rationale has been put in place once again.
As per an official statement by the FA, the final has now been officially confirmed as 3pm BST which has been agreed with local authorities, members of the Safety Advisory Group and broadcasters, as well as with the clubs who must take the time needed for fans to travel to and from Wembley into consideration.
While pockets of fighting broke out before and after the game last year, it was deemed that this time would still be the best kick-off time for all parties involved and there will, of course, be an increased police presence in London for the game next month.
Although prioritising safety comes as welcome news, it’ll no doubt prove to be a blow to broadcasters who prefer later kick-offs when eyeing up peak audience numbers; the game is also set to clash with ITV’s coverage of the rugby as the Investec Champions Cup final is also due to start at 2:45pm.
With last season’s historic FA Cup final being the first time the two sides had met in the final in the entire history of the oldest competition in all of football, it rounded off a massive year of viewing figures for the tournament which has continued to hit record numbers in 2024.
The game will once again be shown live on BBC One, BBC iPlayer and ITV1; ITVX, UTV, as well as STV, and there will no doubt be huge screenings of the game all over Greater Manchester, where an increased police presence is also expected.