The 3rd of March saw Chancellor of the ExChequer Rishi Sunak deliver his 2021 budget, with much of its content coming as welcome news for business across the UK. Key takeaways included the extension of the furlough support scheme which will have provided relief for many firms and employees alike, keeping organisations afloat, and protecting the livelihoods of individuals working in the hardest hit sectors. Homebuyers are also set to benefit – with the stamp duty holiday being extended until the end of June and a £5bn support package will see retail and hospitality sectors receive a well needed boost after lockdown saw them forced to close. We have provided a brief round up of how the budget will assist in protecting jobs and livelihoods.
- An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
- An extension to the temporary cut in Stamp Duty Land Tax in England and Northern Ireland until September will support the housing market and protect and create jobs.
- A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
- Extension of the Film & TV Production Restart scheme in the UK, with an additional £300 million to support theatres, museums and other cultural organisations in England through the Culture Recovery Fund.
- Six-month extension of the £20 per week Universal Credit uplift in Great Britain, with the Northern Ireland Executive receiving additional funding to match the increase. A one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
- Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of
- 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
- Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
- £7 million for a new “flexi-job” apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector.
- Additional £126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year.
- £300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
- Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
For more information, or to discuss your next career move, call our experienced team on 01722 448 448.