(LONDON) Press Release Statement Report: Autumn Budget 2021: Delivers the largest annual funding settlement to Wales since devolution, helping level up across the whole of the UK #AceNewsDesk report

#AceNewsReport – Oct.28: The Chancellor today (27 October) announced Barnett-based funding for the Welsh Government of £18 billion per year – delivering the largest annual funding settlement since devolution over 20 years ago. This includes a £2.5 billion per year spending boost as part of a Budget and Spending Review that delivers a stronger economy for the whole of the UK.

#AceDailyNews GOVUK Autumn Budget 2021: Record £18 billion a year for Wales in the largest annual funding settlement to Wales since devolution, helping level up across the whole of the UK….

  • UK Government will provide a record £18 billion per year to the Welsh Government.
  • Wales will also benefit from UK-wide support for people and businesses, green jobs and investment to level up opportunities.
  • Targeted funding will support local projects across Wales, including road and infrastructure improvements, investment in local communities and funding for businesses.

Rishi Sunak set out a plan to deliver the priorities of the British people by investing in stronger public services, levelling up opportunity, driving business growth and helping working families with the cost of living.

As part of the significant spending plans, Wales will receive an average of £18 billion per year in Barnett-based funding representing a 2.6% rise in the Welsh Government’s budget each year. The Welsh Government will now receive around £120 per person for every £100 per person of equivalent UK Government spending in England.

Chancellor of the Exchequer, Rishi Sunak said:

This is a budget for the whole of the UK. We’re focused on what matters most to the British people – the health of their loved ones, access to world-class public services, jobs for the future and tackling climate change.

An additional £2.5 billion per year in Barnett funding means the Welsh Government is well-funded to deliver all their devolved responsibilities while the people in Wales will also benefit from this Government’s commitment to levelling up opportunity and delivering for all parts of the UK.

We are continuing to boost industry and jobs and improve infrastructure and public services throughout Wales.

Secretary of State for Wales, Simon Hart said:

This is a fantastic budget for Wales, delivering significant investment directly to people, businesses and communities across the country.

The devolved administration in Wales will receive its largest-ever settlement so it can deliver its vital services like health, education and flood protection, while Wales will benefit fully from many of our UK-wide measures including freezes to fuel and alcohol duty, the increase in the minimum wage for thousands of workers and investment in parks and sports facilities.

Levelling up communities across the UK is top of our agenda. Investing more than £120m in 10 projects including the regeneration of Aberystwyth seafront and improving transport links in Rhondda shows how we will achieve this ambition across Wales.

Alongside the funding of a Welsh Veterans’ Commissioner, these measures and others in the Spending Review add up to an excellent package for Wales and its economy.

Targeted funding in Wales

On top of the record funding for the Welsh Government, Wales will benefit from the UK Government’s commitment to invest in people, jobs, communities and businesses.

Targeted projects in Wales include:

  • Over £168 million to be invested in Wales to boost the post-pandemic recovery and enhance the Welsh economy, including:
  • £121 million of the Levelling Up Fund in 10 projects, including the regeneration of Aberystwyth seafront an important dualling of the A4119 in South Wales and redevelopment of the Theatr Brycheiniog Arts Centre in Brecon.
  • Over £460,000 of the Community Ownership Fund for three projects in Llandwrog, Pen-y-Waun, and Tredegar that are protecting valued community assets.
  • Providing £0.9 billion for farmers and land managers and £6.2 million to support fisheries.
  • A Veterans Commissioner for Wales, who will work to improve the lives and opportunities of the Welsh veterans’ community.
  • Up to £50,000 to develop an early-stage proposal to reinstate a passenger rail services from Gaerwen to Amlwch on Anglesey.
  • Accelerating £105m for the Cardiff City Region Deal to fast-track projects that range from innovation and Fintech, to manufacturing and infrastructure.
  • Establishing a new trade and investment hub in Cardiff to grow trade for Wales. UK-wide support

As a result of our strong United Kingdom, Wales will benefit from:

  • A 50% cut in domestic Air Passenger Duty for flights between England, Scotland, Wales and Northern Ireland and an additional £22.5 million of new funding in anticipation of the Union Connectivity Review recommendations where we will work with the devolved administrations on improving UK-wide connectivity.
  • New funding for the British Business Bank to establish a £130 million fund in Wales, helping Welsh businesses to get the funding they need.
  • The new £1.4 billion Global Britain Investment Fund which will support investment directly into Wales.
  • A record £20 billion by 2024-25 in Research and Development supporting innovation in Wales.
  • Confirmation that total funding will, at a minimum, match the size of EU Funds in Wales each year through the over £2.6bn UK Shared Prosperity Fund, which will invest in skills, people, businesses, and communities, including through ‘Multiply’, a new adult numeracy programme that will provide people across Wales with essential numeracy skills.
  • £120 million for a new Future Nuclear Enabling Fund to support nuclear projects, with Wylfa in Anglesey, North Wales, as a potential site.
  • Selection of the Hynet cluster as one of the first clusters under the Carbon Capture Usage and Storage (CCUS) Infrastructure Fund, bringing investment to North Wales
  • An increase to the National Minimum Wage of £9.50 an hour, with young people and apprentices also seeing increases.
  • Freezes to fuel duty for the twelfth consecutive year, as well as a freeze on alcohol duty and a freeze on Vehicle Excise Duty for heavy goods vehicles.
  • £140 million to provide revenue support for hydrogen production, including the Holyhead Hydrogen Hub, and heavy industrial firms across the UK who adopt carbon capture, utilisation and storage.

#AceNewsDesk report …………Published: Oct.28: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#budget2021, #govuk, #london, #wales

(LONDON) Press Release Statement Report: Autumn Budget 2021: Delivers the largest annual funding settlement to Scotland since devolution, helping level up across the whole of the UK #AceNewsDesk report

#AceNewsReport – Oct.28: The Chancellor today announced Barnett-based funding for the Scottish Government of £41 billion per year – delivering the largest annual funding settlement, in real terms, since devolution over 20 years ago. This includes a £4.6 billion per year spending boost – as part of a Budget and Spending Review that delivers a stronger economy for the whole of the UK.

#AceDailyNews reports on GOVUK Autumn Budget 2021: Record £41 billion per year for Scotland in budget in the largest annual funding settlement to Scotland since devolution, helping level up across the whole of the UK.

  • UK Government will provide a record £41 billion per year to the Scottish Government.
  • Scotland will also benefit from UK-wide support for people and businesses, green jobs and investment to level up opportunities.
  • Targeted funding will support local projects across Scotland, including road and infrastructure improvements, investment in local communities and funding for businesses.

Rishi Sunak set out a plan to deliver the priorities of the British people by investing in stronger public services, levelling up opportunity, driving business growth and helping working families with the cost of living.

As part of the significant spending plans, Scotland will receive an average of £41 billion per year in Barnett-based funding representing a 2.4% rise in the Scottish Government’s budget each year. The Scottish Government will now receive around £126 per person for every £100 per person of equivalent UK Government spending in England.

Chancellor of the Exchequer, Rishi Sunak said:

This is a budget for the whole of the UK. We’re focused on what matters most to the British people – the health of their loved ones, access to world-class public services, jobs for the future and tackling climate change.

By providing record funding, the Scottish Government can tackle backlogs in the NHS and ensure people in Scotland get the support they need as we recover from the pandemic.

The UK Government continues to level up opportunities across all parts of the UK, with investments in green jobs and high-speed internet access for thousands more homes in Scotland through Project Gigabit.

Scottish Secretary, Alister Jack said:

The Budget delivers for people in Scotland, and right across the UK.

The Scottish Government’s block grant, boosted by an additional £4.6 billion a year due to spending in England, means that the funding for the Scottish Government is the highest it has ever been.

It demonstrates our commitment to level up right across the UK. The Budget ushers in an era of real devolution, ensuring money is spent on projects that matter most to people in Scotland. The UK Government made a clear commitment to maintain Scotland’s level of funding following the vote to leave the EU, and we have delivered on that promise. We are taking decisions in the UK rather than in Brussels and dealing directly with local authorities who know their communities best.

From the Knoydart community pub, to Dumbarton town centre and the Granton Gasworks – all these projects will bring real, visible improvements for local communities. Special funding for Glasgow’s iconic Burrell Collection and Extreme E will help drive economic growth and jobs on the back of culture and tourism.

The continuation of the freeze on spirit duty will be a boost to Scotland’s thriving whisky industry.

Over the past 18 months the UK Government has been focused on protecting people’s livelihoods, their incomes, and their jobs. We now need to look to the future, to build a stronger economy for people in all parts of the UK.

Targeted funding in Scotland

On top of the record funding for the Scottish Government, Scotland will benefit from the UK Government’s commitment to invest in people, jobs, communities and businesses.

Targeted projects in Scotland include:

  • Over £200 million to be invested in Scotland to boost the post-pandemic recovery and enhance the Scottish economy. This will include £172 million of the Levelling Up Fund for 8 important projects including the redevelopment of Inverness Castle, the much-needed renovation of the Westfield Roundabout in Falkirk, and a new marketplace in Aberdeen City Centre, as well as over £1.07 million of the Community Ownership Fund for five projects in Whithorn, Inverie, New Galloway, Kinloch Rannoch and Callander that are protecting valued community assets.
  • Providing £1.9 billion for farmers and land managers and £42.2 million to support fisheries. Up to £1 million, to support the delivery of a ‘green’ formula E race showcasing Hebridean Green Hydrogen to a global audience.
  • Expanding the existing trade and investment hub in Edinburgh to grow trade for Scotland.
  • Up to £3 million to bring world-class art exhibitions to the Burrell Collection in the heart of Glasgow.
UK-wide support

As a result of our strong United Kingdom, Scotland will benefit from:

  • A 50% cut in domestic Air Passenger Duty for flights between England, Scotland, Wales and Northern Ireland and an additional £22.5 million of new funding in anticipation of the Union Connectivity Review recommendations where we will work with the devolved administrations on improving UK-wide connectivity.
  • New funding for the British Business Bank to establish a £150 million fund in Scotland, helping Scottish businesses to get the financing they need.
  • The new £1.4 billion Global Britain Investment Fund which will support investment directly into Scotland.
  • A record £20 billion by 2024-25 in Research and Development supporting innovation in Scotland.
  • Confirmation that total funding will at a minimum match the size of EU Funds in Scotland, each year through the over £2.6bn UK Shared Prosperity Fund, which will invest in skills, people, businesses, and communities, including through ‘Multiply’, a new adult numeracy programme that will provide people across Scotland with essential numeracy skills.
  • An increase to the National Minimum Wage of £9.50 an hour, with young people and apprentices also seeing increases.
  • Freezes to fuel duty for the twelfth consecutive year and a freeze on Vehicle Excise Duty for heavy goods vehicles.
  • A freeze on alcohol duty, which will mean that whisky benefits from the lowest real terms tax rate since 1918.

#AceNewsDesk report ……………..Published: Oct.28: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#budget2021, #london, #scotland

(LONDON) Parliament Budget Statement Report: Chancellor Rishi Sunak Announced on Wednesday in the ‘House of Commons’ the following: #AceFinanceDesk report

#AceFinanceReport: Mar.05: Earlier on Wednesday l presented the Budget to the House of Commons: And I’m speaking to you now, directly, to explain what this Budget means for our economy and for you at home.

Full Budget 2021: ‘ What you need to know: Measures announced by Chancellor Rishi Sunak in the Budget on March 03:2021 in the House of Commons and what you need to know’

1. Covid-19

  • An extra £1.65 billion cash injection to ensure the Covid-19 vaccination roll-out in England continues to be a success.
  • £28 million to increase the UK’s capacity for vaccine testing, support for clinical trials and improve the UK’s ability to rapidly acquire samples of new variants of COVID-19.
  • £22 million for a world-leading study to test the effectiveness of combinations of different Covid-19 vaccines. This will also fund the world’s first study assessing the effectiveness of a third dose of vaccine to improve the response against current and future variants of COVID-19.
  • A further £5 million on top of a previous £9 million investment in clinical-scale mRNA manufacturing, to create a ‘library’ of vaccines that will work against Covid-19 variants for possible rapid response deployment.
  • Extending £500 Test and Trace support payments in England until the summer.

2. Protecting jobs and livelihoods

  • An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
  • An extension of the UK-wide Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
  • An extension to the temporary cut in Stamp Duty Land Tax in England and Northern Ireland until September will support the housing market and protect and create jobs.
  • A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
  • £5 billion for new Restart Grants – a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England.
  • A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
  • Extension of the Film & TV Production Restart scheme in the UK, with an additional £300 million to support theatres, museums and other cultural organisations in England through the Culture Recovery Fund.
  • Six-month extension of the £20 per week Universal Credit uplift in Great Britain, with the Northern Ireland Executive receiving additional funding to match the increase. A one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
  • Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022.
  • 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
  • Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
  • £7 million for a new “flexi-job” apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector.
  • Additional £126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year.
  • More than doubling the legal limit for single contactless payments, from £45 to £100
  • £10 million to support veterans with mental health needs across the UK.
  • £19 million to tackle domestic abuse in England and Wales, with funding for a network of ‘Respite Rooms’ to support homeless women and a programme to prevent reoffending.
  • £90 million funding to support our government-sponsored national museums in England due to the financial impact of Covid-19.
  • £300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
  • Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
  • To further support the cashflow of businesses, the government is extending the loss carry back rules worth up to £760,000 per company.
  • £100 million for a new Taxpayer Protection Taskforce to crack-down on COVID fraudsters who have exploited UK Government support schemes.

3. Strengthening the public finances

  • Maintaining the income tax Personal Allowance and higher rate threshold from April 2022 until April 2026.
  • To balance the need to raise revenue with the objective of having an internationally competitive tax system, the rate of Corporation Tax will increase to 25%, which will remain the lowest rate in the G7. In order to support the recovery, the increase will not take effect until 2023. Businesses with profits of £50,000 or less, around 70% of actively trading companies, will continue to be taxed at 19% and a taper above £50,000 will be introduced so that only businesses with profits greater than £250,000 will be taxed at the full 25% rate.
  • Maintaining inheritance tax thresholds at their current levels until April 2026.
  • Fuel duty will be frozen for the 11th consecutive year.
  • Alcohol duties will be frozen across the board for the second year running saving drinkers £1.7 billion.
  • Capping the amount of SME payable R&D tax credit that a business can receive in any one year at £20,000 (plus three times the company’s total PAYE and NICs liability).
  • Maintaining the Lifetime Allowance at its current level of £1,073,100 until April 2026.
  • The adult ISA annual subscription limit for 2021-22 will remain unchanged at £20,000.

4. An investment-led recovery

  • Beginning April 2021, the new super-deduction will cut companies’ tax bill by 25p for every pound they invest in new equipment. This is worth around £25 billion to UK companies over the two-year period the super-deduction will be in full effect.
  • Eight new English Freeports will be based in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.
  • The £375 million UK-wide ‘Future Fund: Breakthrough’ will invest in highly innovative companies such as those working in life sciences, quantum computing, or clean tech, that are aiming to raise at least £20 million of funding.
  • Reforms to the immigration system will help ambitious UK businesses attract the brightest and best international talent.
  • A new Help to Grow scheme to offer up to 130,000 companies across the UK a digital and management boost.
  • £2.8 million to support a UK and Ireland bid to host the 2030 World Cup and £25 million investment in UK grassroots sports, enough for around 700 new pitches.
  • Launching a review of Research & Development tax reliefs to make sure the UK remains a competitive location for cutting-edge research.
  • £20 million to fund a UK-wide competition to develop floating offshore wind demonstrators and help support the government’s aim to generate enough electricity from offshore wind to power every home by 2030.
  • £68 million to fund a UK-wide competition to deliver first-of-a-kind long-duration energy storage prototypes that will reduce the cost of net zero by storing excess low carbon energy over longer periods.
  • £4 million for a biomass feedstocks programme in the UK to identify ways to increase the production of green energy crops and forest products that can be used for energy.
  • Publication of the the government’s ‘Build Back Better: our plan for growth’.
  • Over £1 billion funding for a further 45 towns in England through the Towns Fund, supporting their long-term economic and social regeneration as well as their immediate recovery from the impacts of COVID-19.
  • £135 million to progress A66 Trans-Pennine upgrade.
  • £28 million to fund the Queen’s Platinum Jubilee celebrations in 2022, delivering a major celebration for the UK.
  • Plans for at least £15 billion of green gilt issuance in the coming financial year, to help finance critical projects to tackle climate change and other environmental challenges, fund important infrastructure investment, and create green jobs across the UK.
  • £150 million Community Ownership Fund will allow communities across the UK to invest to protect the assets that matter most to them such as pubs, theatres, shops, or local sports clubs.
  • £18.8 million to transform local cultural projects in Hartlepool, Carlisle, Wakefield and Yeovil.
  • Publication of the prospectus for the £4.8 billion UK-wide Levelling Up Fund, providing guidance for local areas on how to submit bids for the first round of funding starting in 21-22.

5. Scotland, Wales and Northern Ireland

  • Individuals and businesses in Scotland, Wales and Northern Ireland continue to be supported by the UK Government through the Coronavirus Job Retention Scheme, self-employment grants, loan schemes and VAT cuts. Devolved administrations have received Barnett funding to provide support in areas of devolved responsibility.
  • The Budget confirms an additional £2.4 billion for the devolved administrations for 2021-22 through the Barnett formula. This is an additional £1.2 billion for the Scottish Government, £740 million for the Welsh Government, £410 million for the Northern Ireland Executive.
  • The devolved administrations will also receive £1.4 billion of funding in 2021-22 outside the Barnett formula.
  • £27 million in the Aberdeen Energy Transition Zone and £5 million in the Global Underwater Hub in Scotland, the first stage in delivering the North Sea Transition Deal.
  • Three Growth Deals in Scotland – Ayrshire, Argyll & Bute, and Falkirk – will receive funding more quickly.
  • £4.8 million to support the development of a demonstration hydrogen hub in Holyhead, Anglesey.
  • Up to £30 million for the Global Centre for Rail Excellence in Wales.
  • Three City and Growth Deals – in North-Wales, Mid-Wales and Swansea Bay – will receive funding more quickly.
  • Northern Ireland will benefit from the Corporation Tax exemption for the Northern Ireland Housing Executive, Northern Ireland’s biggest landlord.
  • Almost half of the £400 million New Deal for Northern Ireland funding has been allocated, subject to business cases, to: new systems for supermarkets and small traders to manage new trading arrangements; building greater resilience in medicine supply chains; promoting Northern Ireland’s goods and services overseas; and supporting skills development.
  • £5 million to extend the Tackling Paramilitary Programme in 2021-22.

#budget2021, #economy, #parliament