Rishi Sunak, the UK Chancellor, is set to announce his budget later today and much is expected from the figure they call the “Instagram Chancellor“.
Just 9 days after Boris Johnson announced the roadmap out of the UK lockdown, we will hear from his Chancellor but what should we be expecting from Rishi?
Ahead of the announcement at approximately 12:30pm, the below is clear.
Income taxes will be untouched for now but Rishi may hint at potential rises in 2022 or 2023
To make up for the short-fall, corporation taxes are likely to increase, potentially from 19% to 23%
Furlough scheme will be extended until September 2021, guaranteeing income support for nearly £5m individuals (as of January 2021)
Small and medium sized businesses will be able to obtain more support through sponsored MBA-style courses to ensure they’re able to manage their firms through the prolonged pandemic
Help To Buy is coming back for property buyers, in a somewhat different format, meaning individuals will be able to obtain mortgages with only 5% deposits
The above is a brief preview summary, dial into the Capital Moments discussion on ClubHouse at 7:30pm to further digest the impact of the budget for young people.