#AceNewsReport – Oct.28: Chancellor Rishi Sunak stood up to deliver his much-anticipated – and much pre-briefed – Autumn financial statement at 12.36: Below we itemise the key announcements, along with the key stories and charts that illustrate some of the predictions for the economy in the coming months.
#AceDailyNews reports on the Autumn Budget and Spending Review 2021 Speech
The Autumn Budget: What it means for you
The Chancellor has announced a change in the Universal Credit taper that will allow people to keep more of their benefits as they increase their income from working.
The move, unveiled today by Rishi Sunak in his Autumn Budget, is aimed at supporting 1.9million working households on low incomes at a cost of around £2billion.
The Government has promised to fix a tax quirk that deprives low-paid workers of pension cash paid to better off colleagues – but not until 2025.
Critics who had demanded action welcomed the announcement in the Autumn Budget, though one said it was ‘a shame’ the move would not happen sooner.
Another noted that by the time it does low earners will have lost millions of pounds due to ‘years of dithering’ by the Government.
Portfolio buy-to-let landlords have breathed a sigh of relief, as Chancellor Rishi Sunak decided not to increase capital gains tax in today’s budget.
There were concerns in the sector that a tax hike, which had been rumoured in the days and weeks leading up to today’s speech, would prove a tipping point for landlords and prompt them to sell their portfolios.
This, they said, would have resulted in a further reduction in available rental homes in what is already an undersupplied rental market.
After a year and a half of difficulty, English pubs will be raising a toast to the Chancellor today after he slashed business rates and simplified alcohol duty in a bid to encourage punters back to pubs.
A total of 358,254 hospitality, retail and leisure premises in England have received £17.16billion in rates relief since the onset of the pandemic, according to Atlus Group.
The measures were due to come to an end next year but Rishi Sunak today announced a one-year 50 per cent cut, worth £1.7billion.
Leaseholders caught up in the cladding scandal have criticised an announcement in the Budget for a 4 per cent levy on large construction firms.
The money will help to create a £5billion fund to help cover the cost of repairs to dangerous cladding and fire safety defeats.
But those homeowners affected by the crisis said the money was not a new announcement and would fail to cover the true cost of the crisis.
Chancellor says Tories are now the party of public spending as he unveils huge Universal Credit giveaway, cuts duty in Brexit booze dividend and promises to cut taxes… one day.
The Government’s watchdog today warned that a ‘wage spiral’ or energy shock could drive inflation to a three-decade high of 5.4 per cent next year and force the Bank of England to take drastic action.
In a stark assessment alongside the Budget, the Office for Budget Responsibility said its central forecast is for headline CPI to peak at 4.4 per cent in the second quarter of year.
That is far above the current 3.1 per cent, and more than double the Bank’s 2 per cent target.
Families face paying more for their big holidays and visits to relatives in far-flung places after Rishi Sunak said taxes would be raised on ultra-long-haul flights.
The Chancellor has increased Air Passenger Duty for flights of over 5,500 miles, which includes places such as New Zealand, Australia, South Africa and Japan.
The economy in charts
Key measures at a glance
Personal taxes and levies
Rishi’s Budget in FULL: Chancellor’s spending plans for ‘new age’
#AceNewsDesk report ………….Published: Oct.28: 2021:
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