Budget 2021 – what you need to know
Chancellor Rishi Sunak delivered his second budget announcement on Wednesday 3rd March and it couldn’t have been more different than anyone could have anticipated this time last year.
In 2020, at the brink of the pandemic, the Chancellor committed £30 billion towards supporting healthcare and businesses. With furlough and other government backed support measures, the reality of this spend is already nearly 10 times higher than that and still rising. This will leave the country with the highest level of borrowing since the First World War.
In his speech the Chancellor committing to doing “whatever it takes” to get through the pandemic, fix public finances and build the future economy – but in doing so made no secret of a plan for future tax rises.
Our summary of the 2021 Budget focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included additional comments.
With so many measures included in this Budget we encourage businesses and taxpayers to seek advice so that they can take full advantages of the opportunities and challenges ahead. If, after reading this summary you have any questions, please do not hesitate to contact one of our tax specialists, Anne-Maree Dunn, or your usual WMT partner for advice.