Chancellor of Exchequer, Rishi Sunak unveiled the budget for the fiscal year 2021-22 while stressing on measures aimed at boosting the Post-Covid economy?

Sunak announced to hike departmental spending to record £150 billion over this parliament while terming it the biggest increase in the century. 

Against the backdrop of inflation, the chancellor stated that the national living wage has been hiked to £9.50 from £8.91 with effect from April 2021.

Sunak also announced plans to reduce the Universal Credit Taper rate to 55p from the existing 63p. 

Read more here. 

IBISS & CO has other key highlights from the budget which are as follow:

Air Travel

As part of budgetary measures, the UK govt will subject flights between airports in the UK to a reduced Air Passenger Duty from April 2023.

However, the government will introduce a new long-haul air passenger duty from April 2023 on “over 5500 mills flights”.

To mitigate the effects of the pandemic, the UK government has decided to extend financial support for airports for another 6 months.

Alcohol

• The UK government has decided to cancel a planned rise in duty on cider, wine, and spirits.
• The government has opted to reduce duty rates on lower alcohol drinks such as liqueurs, fruit ciders, rose wine, lower strength beers, and lower strength wines.
• The number of rates will drop to 6 from 15 through simplification of alcohol duties.
• The government has announced tax cuts on draught beer and sparkling wine.
• All sparkling wines will pay the same duty as still wines of equivalent strength. Read More.

Research & Development (R&D)

Support to parents & families

Hospitality & Leisure Sectors