After a turbulent 12 months, the Government has set out its tax and spending plans for the year ahead. Just a week after the Prime Minister outlined England’s roadmap out of lockdown, Chancellor Rishi Sunak used the Budget to ‘set a path for recovery’. And while there may still be a few bumps in the route ahead, there has been a positive response to financial support announced for businesses, arts venues, professional sport and grassroots football. The UK’s first infrastructure bank, which will channel billions of pounds into big projects, has also been announced. The bank has been tasked with delivering world-class infrastructure, providing loans to local authorities to drive schemes which support economic growth. And whether it be a large-scale development or a small but vital improvement, Broxap is open and ready to offer its expertise to aid our customers’ recovery.
Key points at a glance
Looking ahead to the easing of restrictions brought about by the Coronavirus pandemic was a key theme in Budget 2021. But driving change for the future while accommodating current needs proved a fine balance.
As well as the continuation of the furlough scheme and support for the self-employed, there were no changes to rates of income tax, national insurance or VAT.
A £20 weekly uplift in Universal Credit worth £1,000 a year was extended for another six months and Working Tax Credit claimants will get £500 one-off payment.
Minimum wage will increase to £8.91 an hour from April.
Corporation tax on company profits above £250,000 will rise in April 2023 although the rate will be kept at 19 per cent smaller companies with profits of less than £50,000.
A stamp duty holiday on house purchases in England and Northern Ireland has been extended to June 30 and no tax will be charged on sales of less than £500,000
Supporting the UK’s vaccination rollout and its resistance to future infection was the focus of healthcare support along with:
£19m for domestic violence programmes
£40m of new funding for victims of 1960s Thalidomide scandal
£10m to support armed forces veterans with mental health needs.
The sports and leisure sectors will receive:
Nearly £400m to help arts venues in England, including museums and galleries, re-open
£300m recovery package for professional sport and £25m for grassroots football
£1.2m to help stage delayed Women's Euros football tournament in England in 2022.
And for businesses, support has been made available to get trading again:
Tax breaks for firms to unlock £20bn worth of business investment
Firms will be able to deduct investment costs from tax bills
Incentives for firms to take on apprentices
Lower VAT rate for hospitality firms from September when the five per cent rate ends
Business rates holiday for firms in England to continue until June with 75 per cent discount after that
£5bn in Restart grants for shops and other businesses in England forced to close.
How can Broxap help?
As a third-generation family business, Broxap has been supplying the UK for 75 years. Our North Staffordshire site brings together the most up-to-date design and build processes, ensuring seamless integration between our brands, enhanced efficiency and customer access to an enviable range of skills and experience. Our commitment to technical excellence makes us a key supplier to the UK’s infrastructure sectors, and we play an active role in keeping the nation’s most essential services in peak performance with our range of reliable, quality products. As a supplier to construction, education, health, hospitality, tourism and property management industries, as well as local government, Broxap designs, manufactures and installs the widest selection of street furniture available in the UK. Our extensive range also includes cycle parking, shelters and canopies, litter bins and recycling centres, timber play and activity products, sports and outdoor fitness equipment. From working with our partners, we have a vast collection of products which facilitate the continuation of services post-pandemic. Our parklets for example, are perfect for hospitality venues and business estates. These ‘pocket’ outdoor seating, dining and relaxation areas give customers the freedom to easily increase capacity or make use of car park or pavement areas in a new, functional way. For firms which choose to offer rapid workplace coronavirus testing, an outdoor shelter might be a convenient and safe way to facilitate programmes, keeping indoor premises virus-free. Tourism and visitor attractions need to be ready to welcome ‘staycationing’ families, and new playground equipment could be an effective way of managing indoor and outdoor areas. However your organisation navigates the challenges of reopening in 2021, Broxap has a solution to ensure your outdoor developments take shape safely.