{"id":261,"date":"2021-12-20T10:35:05","date_gmt":"2021-12-20T10:35:05","guid":{"rendered":"https:\/\/finconcile.com\/blogs\/?p=261"},"modified":"2022-01-03T14:57:31","modified_gmt":"2022-01-03T14:57:31","slug":"key-points-you-should-know-about-autumn-budget-2021","status":"publish","type":"post","link":"https:\/\/finconcile.com\/blogs\/key-points-you-should-know-about-autumn-budget-2021\/","title":{"rendered":"Key points you should know about Autumn Budget 2021"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"261\" class=\"elementor elementor-261\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ae945cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ae945cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-483ae1a\" data-id=\"483ae1a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af64829 elementor-widget elementor-widget-heading\" data-id=\"af64829\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-large\">Key Points you Should Know about authumn Budget 2021<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5d4caf9e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d4caf9e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3099b33d\" data-id=\"3099b33d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-311ce346 elementor-widget elementor-widget-text-editor\" data-id=\"311ce346\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>The contents of Chancellor Rishi Sunak&#8217;s Budget have been revealed in the House of Commons.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Mr Sunak, in outlining the Government&#8217;s tax and spending plans for the coming year, stated that his plans were centred on the &#8220;post-Covid&#8221; era and that they would pave the way for an &#8220;economy of higher wages, higher skills, and rising productivity.&#8221;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>below are the excerpts of Rishi Sunak&#8217;s speech from the Budget 2021 announcement:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>The state of the economy and the state of the public finances<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Inflation was 3.1% in September and is expected to average 4% next year, according to the OBR, with the UK economy expected to return to pre-Covid levels by 2022.<\/li><li>Annual growth is expected to increase by 6.5% this year, then by 6% in 2022.<\/li><li>Unemployment is expected to increase at 5.2% next year, down from the previous prediction of 11.9%.<\/li><li>Wages have increased by 3.4% in real terms since February 2020.<\/li><li>Borrowing as a percentage of GDP is expected to fall from 7.9% to 3.3% the following year.<\/li><li>Borrowing as a percentage of GDP will then fall to 1.5% over the next four years.<\/li><li>By 2024-25, foreign aid spending is expected to return to 0.7% of GDP.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><strong>Wages and Taxation Policies:<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>The Universal Credit taper rate will be lowered by 8% no later than December 1, lowering it from 63% to 55% and allowing claimants to keep more of the payment.<\/li><li>Confirmation business rates will be kept and reformed.<\/li><li>In England, the retail, hospitality, and leisure sectors will receive a 50% business rate discount in 2022-23, up to a maximum of \u00a3110,000.<\/li><li>A planned increase in fuel duty will be cancelled amid the highest pump prices in eight years.<\/li><li>Consultation on a sales tax on the internet<\/li><li>The National Living Wage will rise by 6.6% to \u00a39.50 per hour next year.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><strong>Government Expenses:<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Whitehall departments will see an increase in overall spending of \u00a3150 billion throughout this Parliament.<\/li><li>The Scottish Government&#8217;s funding will increase by an average of \u00a34.6 billion, the Welsh Government&#8217;s budget will increase by \u00a32.5 billion, and Northern Ireland&#8217;s funding will increase by \u00a31.6 billion. The Executive Levelling Up Fund will invest \u00a31.7 billion in local communities across the UK.<\/li><li>Aberdeen, Bury, Burnley, Lewes, Clwyd South, Stoke-on-Trent, Ashton under Lyne, Doncaster, South Leicester, Sunderland, and West Leeds are receiving government funding.<\/li><li>An additional \u00a32.2 billion for courts, prisons, and probation services, including funding to clear the court backlog<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><strong>Education Department:<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>By 2024-25, schools will receive an additional \u00a34.7 billion.<\/li><li>Nearly \u00a32 billion in new funding will be made available to assist schools and colleges in recovering from the pandemic.<\/li><li>Schools&#8217; funding will be restored to 2010 levels in real terms, representing a cash increase of more than \u00a31,500 per pupil.<\/li><li>A total of \u00a3300 million will be spent on &#8220;Start for Life&#8221; parenting programmes, with an additional \u00a3170 million promised childcare by 2024-25.<\/li><li>A UK-wide numeracy programme will be established to assist adults in improving their basic math skills.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><strong>Air, Alcohol and Housing:<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Flights between UK airports will be subject to a new lower rate of Air Passenger Duty beginning in April 2023.<\/li><li>Alcohol duty rates will be reduced from 15 to six. Lowering the duty on draught beer and cider from containers larger than 40 litres results in a 5% decrease in the rate.<\/li><li>Housing funding totals \u00a324 billion, including \u00a311.5 billion for up to 180,000 affordable homes on brownfield sites.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>These are the key highlights announced by Chancellor Rishi Sunak in Budget 2021. FinConcile is <strong><a href=\"https:\/\/www.finconcile.com\/\">UK-based outsourcing.<\/a><\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>&nbsp;a company that assists businesses in the state with their financial operations to reduce employees&#8217; in-house burden.<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Key Points you Should Know about authumn Budget 2021 The contents of Chancellor Rishi Sunak&#8217;s Budget have been revealed in the House of Commons. Mr Sunak,<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[32],"tags":[33,8,19],"class_list":["post-261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-budget-2021","tag-autumn-budget-2021","tag-uk-based-outsourcer","tag-uk-based-outsourcing"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/comments?post=261"}],"version-history":[{"count":7,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/261\/revisions"}],"predecessor-version":[{"id":381,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/261\/revisions\/381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/media\/281"}],"wp:attachment":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/media?parent=261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/categories?post=261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/tags?post=261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}