Important measures announced in the Budget 2020

Yesterday the Chancellor delivered a budget to ‘get things done’ that included a long-term plan to invest into our infrastructure, the NHS and public services. Although this Budget has rightly focused on the challenges posed by the Coronavirus, I'm pleased that it has also made some fantastic steps on the environment; especially on EVs, nature-based solutions to climate change and carbon capture storage infrastructure.  
 

The key measures announced: 

• National Living Wage to increase by 6.2% from April 2020. 

• The National Insurance threshold increased to £9, 500 (meaning a tax cut for 31 million people).

• A new Small Business grant of £3, 000 for the 700,000 smallest businesses. 

• Axing the tampon tax now we have left the EU, reducing the cost of essential sanitary products for women in the UK.

• Business rates removed altogether this year for small businesses (rateable values under £51k)  

• A £5,000 business rates discount for pubs (up from £1,000) 

To manage the impact of COVID-19: 

•  A £5 billion Initial COVID-19 Response Fund so that the NHS can treat Coronavirus patients; councils can support vulnerable people; and ensure funding is available for other public services. 

• Statutory Sick Pay (SSP) available for eligible individuals diagnosed with COVID-19 who are unable to work because they are self-isolating, and will apply from day 1 (rather than day 4).

• People who are not eligible for SSP can now make a claim for Universal Credit or an enhanced Employment and Support Allowance on day 1 of sickness (rather than day 8). 

• Universal Credit Minimum Income Floor will be relaxed for those with COVID-19 or self-isolating. 

For our environment: 
 

• £1 billion additional funding for green transport, including £500 million for car charging points.

• A new plastic packaging tax which will charge manufacturers and importers £200 per tonne on packaging made of less than 30% recycled plastic.

• An additional £304 million of air pollution funding to help tackle illegal levels of nitrogen dioxide air pollution in towns and cities across England.

• £640 million on a 'Nature for Climate Fund' to support a major increase in tree planting and peatland restoration - this will boost nature's capacity to sequester carbon, provide a natural defence against flooding, and help to increase biodiversity.

These are just some of the many great measures in this Budget, you can read more here.