The Autumn Budget 2021 will be announced on the 27 October by the Chancellor, Rishi Sunak, alongside the Spending Review.
With the pandemic still causing uncertainty and the end of the Furlough scheme, the Chancellor is facing a huge challenge to provide the country with another financial boost to sustain public spending, and protect the fragile growth we’ve seen so far of the UK economy.
Previously, the Summer Economic Update in July 2020 included measures to help rebuild the economy from the effects of the pandemic, including a new job-creation scheme to help deal with rising unemployment – the ‘Plan for Jobs’. The Spring Budget in March 2021 built on those measures, but also introduced new policies such as the Super Deduction, Freeports, a Stamp Duty holiday, and VAT cuts for the hospitality sector.
This years’ Autumn Budget will set out the next stage of the Government’s plan to “Build Back Better” and is rumoured to be a “technical budget”, which the Chancellor has said will aim to “continue to invest in public services and drive growth, whilst keeping public finances on a stable path”.
We already know that the Government will be implementing a new Health & Social Care Levy, which was announced in September.
What could this Autumn Budget and Spending Review bring?
The 6 key areas where we could see measures and policies introduced, or extended, include the following:
- Tax changes – employment tax, self-employed / off-payroll workers, inheritance tax, and capital gains tax
- Public Services – investing in the NHS, education, the criminal justice system and housing
- “Levelling up” across the UK – support for businesses and jobs. Increase and spread opportunity, and strengthen the private sector
- Sustainability and the transition to Net Zero – across the UK and globally
- “Advancing Global Britain” – and delivering on Brexit plans
- Furthering the “Plan for Growth” – investment into infrastructure and scientific innovation, working in close partnership with the private sector.
Read the latest Budget 2021 commentary
To keep you informed on all Budget related announcements before, during and after the big day, we will be providing resources, advice and practical guidance from our experts to help you prepare and manage the impact of the announcement on you and your business.
Don’t forget to sign up below to receive your FREE Tax Card and Budget Summary Guides
Pre-order our exclusive Tax Card and Budget Summary Guides
Find out more
If you would like further guidance or to discuss in more detail how this Budget may impact your business, please contact one of our specialists at your local MHA member firm