Autumn Statement 2021
Rishi Sunak delivered the Autumn Budget on Wednesday 27 October with pledges of increased support for many. A complete overhaul of alcohol duties, support for working families, business rate reliefs and support for hospitals and the hospitality sector were on the agenda. These, along with the increase to the minimum wage, will be welcome news to most. However, whilst the numbers and forecasts are all positive and impressive, there remains little said about how this support is to be funded. In fact Mr Sunak’s closing statement pledging to cut taxes by the end of this parliament goes against what many might have been expecting him to say.
With the growth of the economy predicted to recover quicker than anticipated, and unemployment to peak at half the rate previously expected, things appear very positive. However, there were warnings of the coming months being challenging and inflation rates expected to rise.
The tone of the speech was certainly that economic recovery is underway and emergency support is winding down. A new Charter ensures that in ‘normal times’ the Government should only borrow to invest in future growth and prosperity. We have of course not been living in ‘normal times’, however listening to the Chancellor today one would be forgiven for thinking the pandemic is over and the purse is full for spending.
Our experts have been busy dissecting all the information from the Chancellor’s statement and have created useful, jargon free summaries so you can understand how the Budget affects you and your business.