Chancellor Rishi Sunak announces UK budget 2021
March 5, 2021, 10:40:02 CET | Wikinews

Friday, March 5, 2021 

United Kingdom
Related articles

1 March 2021: Wales widens smoking ban, includes at hospitals, schools and playgrounds
27 February 2021: Anas Sarwar wins leadership of Scottish Labour party
5 February 2021: Fundraiser Captain Sir Tom Moore dies aged 100 with COVID-19
28 January 2021: Football: Chelsea appoints Thomas Tuchel as manager following Lampard sacking
30 September 2020: South London police officer Matt Ratana shot in custody centre

Location of the United Kingdom


Pillars of Wikinews writing
Writing an article

Chancellor of the Exchequer Rishi Sunak announced the UK's 2021 budget on Wednesday in the House of Commons. This comes amid significant damage to the country's economy from the COVID-19 pandemic, in which over 700 thousand people have lost their jobs, with the economy shrinking by 10%.

Sunak (pictured in 2017), who delivered the budget on Wednesday.Image: Chris McAndrew.
Sunak announced an extension of the furlough scheme, which had been paying employees who could not work due to the pandemic 80% of their wages. He said it would be extended until September. The scheme also mentioned firms would have to pay 10% of this in July, and 20% in the months of August and September as the scheme ends. It was also announced that support for self-employed people would continue, with another grant for between February and April.

Other support for workers included the minimum wage increasing to £8.91/hour from April, and an existing £20 weekly increase in Universal Credit being extended through September.

Sunak also announced some changes to taxation in the country, with corporation tax rising to 25% in April 2023. Sunak said that this would be the lowest rate in the G7, and that businesses would only be taxed if they made profits of over £250 thousand, which is only 10% of companies. Companies with profits of less than £50 thousand will continue to pay 19% corporation tax. Sunak said that income tax, national insurance, and VAT would not change in this budget with alcohol and fuel duty continuing to be frozen.

For hospitality firms, VAT will continue to be frozen at a reduced rate of five percent. The contactless payment limit will be increased from £45 to £100 this year. New freeports were also announced in locations at East Midlands Airport; Felixstowe and Harwich; Humber; Liverpool City Region; Plymouth; Solent; and Thames and Teesside. These would allow reduced customs costs, and encourages investment.

Have an opinion on this story? Share it!

Richard Partington and Peter Walker. "Budget 2021: key points at a glance" — The Guardian, March 3, 2021
"Budget 2021: Key points at-a-glance" — BBC News, March 3, 2021
Ian Aikman. "Budget 2021: what you need to know" — Which?, March 3, 2021
"Budget 2021: What you need to know" — UK Government, March 3, 2021

Share this: 

Source: Wikinews
Share this article:
share article on facebook share article on twitter share article on google+ share article on tumblr share article on blogger share article on reddit

Articles that may interest you:

Wales widens smoking ban, includes at hospita...

Monday, March 1, 2021  Health Related articles March 1, 2021: Wales widens smoking ban, ...

World leaders call to address Amazon rainfore...

Environment Related articles 24 August 2019: World leaders call to address Amazon rainfor...

Paris court jails two police in high-profile ...

Saturday, February 2, 2019  France Related articles 2 February 2019: Paris court jails...
Send us your articles and web-novels!
comments powered by Disqus
Most popular

Recently Viewed:

Chancellor Rishi Sunak announces UK budget 2021

Friday, March 5, 2021  United Kingdom Related articles 1 March 2021: Wales widens smoking...

Final Fantasy VI for Android

The port of the SNES role-playing adventure game "Final Fantasy VI" has been released on And...

Australia: Wikinews interviews Les Harmer, South Gip...

Sunday, October 3, 2021  Australia Related articles 27 September 2021: Australia: Wiki...

Australia: AstraZeneca vaccine access expanded by Vi...

Wednesday, August 11, 2021  Australia Related articles August 11, 2021: Australia: Astr...

Ransomware attack hits over 200 US companies, forces...

Monday, July 5, 2021  Internet Related stories Ransomware attack hits over 200 US compani...

Reviews | Technology | Projects & Tuning | Events | Racing
Business & Technology
Business & Economy | Mobile | Internet & Media | Security & Privacy | Gadgets & Tech | Software
Health, Food & Fitness | Fashion | Gardening | DIY | Homes
Accidents | Crime | Culture | Finance | Politics
Science & Environment
Wildlife | Green | Space
Accidents | Crime | Culture | Finance | Politics
Copyright & Privacy | Site Roadmap | Sitemap | Contact
Web Development @ OverHertz Ltd