Home Breaking News All the measures that have been announced ahead of Rishi Sunak’s autumn...

All the measures that have been announced ahead of Rishi Sunak’s autumn statement

6

Many of the measures set to be unveiled in the 2021 Budget this week have already been announced.

More than £30 billion of investment has been revealed and Chancellor Rishi Sunak said on Sunday that he is “looking to the future and building a stronger economy for the British people”.

So what do we already know? Here’s everything to come out so far.

What has already been confirmed?

‘Levelling up’ transport

The Treasury said nearly £7 billion would be given to areas such as Greater Manchester, the West Midlands and South Yorkshire for projects ranging from tram improvements to introducing London-style improvements in infrastructure, fares and services.

Digital overhaul for the NHS

A £6 billion package of funding will help tackle NHS backlogs and invest in technology and data in a bid to improve efficiency and security within the health service.

Health research and development

The Department of Health and Social Care will receive £5 billion over the next three years to fund research and development in areas such as genome sequencing and tackling health inequalities.

A ‘skills revolution’

A cash injection of £3 billion will be given to both post-16 education but also to adults later in life.

Mr Sunak will announce the number of skills boot camps in areas such as artificial intelligence, cybersecurity and nuclear will be quadrupled.

Read More

Is the minimum wage going up? How much the UK national living wage will rise in Budget 2021 and what it is now

Tripling of funding for special educational needs and disabilities

New school places for children with disabilities and special educational needs will be created with a £2.6 billion pot.

Mr Sunak is expected to almost triple the amount of this year’s capital funding for the most disadvantaged young people through specialised educational support, with up to 30,000 new spots made available.

Housing on brownfield sites

The Treasury said a £1.8 billion package of investment would help regenerate land and level up the country.

Global Britain Investment Fund

The £1.4 billion fund will funnel money into key innovative sectors by handing out grants to encourage internationally mobile companies to invest in the UK’s critical industries, including life sciences and automotive.

Boost for museums and galleries

Over three years, £850 million will “breathe life” back into cultural hotspots. The money will be used to restore and upgrade some of the country’s most popular institutions such as London’s V&A museum, Tate Liverpool and the Imperial War Museum in Duxford.

In addition, more than £75 million will be spent to help 110 regional museums and libraries improve their buildings and level up their digital facilities, the Treasury said.

Protection at the border

Ageing Border Force vessels will be replaced by new cutters as part of a £700 million investment to improve the safety of Britain’s borders.

The announcement also includes £628 million “to modernise and digitalise the border”, with proposals including a US-style Electronic Travel Authorisation for tourists wishing to come to the UK.

Finding new sporting talent

Football pitches, tennis courts and youth facilities will see £700 million of funding to help foster the next generation of young talent.

Read More

Budget 2021: UK minimum wage ‘set to increase to £9.50 an hour’ in Rishi Sunak’s statement

Maths coaching

Up to 500,000 adults will be able to access a £560 million scheme to improve their maths skills, as it was revealed more than eight million people in England have numeracy skills lower than those expected of a nine-year-old, with the North East, West Midlands and Yorkshire and the Humber worst affected.

The new Sure Start?

The Chancellor will announce a range of investments to give children the “best possible start in life” totalling £500 million towards support for families and children, including new family hubs.

Crime prevention

A £435 million package of measures aimed at preventing crime will form part of next week’s Budget – with a focus on violent offences against women.

The Chancellor is expected to pledge millions for better CCTV and improved street lighting and give £80 million in additional funding to the Crown Prosecution Service.

The Treasury said part of this funding will “improve the response to rape and sexual assault cases”.

Dragons’ Den-style investors

Angel investors will be made available to businesses outside of London and the South East.

A £150 million pot of funding for the British Business Bank will encourage the development of regional networks of Dragons’ Den-style angel investors to help make people’s dreams of starting a business a reality.

Cutting-edge treatment for veterans

Innovative surgery which allows artificial limbs to be permanently fixed to bones could be available for veterans through research grants handed out by a new fund.

Some £5 million will be put towards a new UK-wide Veterans’ Health Innovation Fund at the Budget and spending review on Wednesday.

Post-Brexit tax rule changes

Tax changes will be introduced to try to tempt more of the world’s largest shipping companies to UK shores.

Ships that fly the Union Jack and those which help the UK reach net zero will both be more likely to be accepted if applying to the UK’s tonnage tax regime.

National living wage rise

Millions will get a pay rise next year when the National Living Wage is increased from £8.91 an hour to £9.50.

The Treasury confirmed the move for all over-23s on Monday ahead of Chancellor Rishi Sunak’s Budget this week.

The 59p hourly boost will mean a full-time worker on the living wage will get a pay rise of more than £1,000 per year.

The 6.6 per cent hike is more than twice the current consumer price inflation rate of 3.1%.

What else is predicted for the 2021 Budget?

Tax changes

Taxes are highly unlikely to be cut in the Budget, due to the Government borrowing £299bn, the highest figure since records began in 1946, in the first year of the pandemic– April 2020 to April 2021.

Speaking at Conservative Party conference on Monday 4 October, the Chancellor said he wanted to cut taxes, but that it may take some time before he is able to.

The Treasury has already frozen income tax thresholds and announced a 1.25 per cent National Insurance increase to fund a health and social care levy, breaking Tory manifesto promises not to raise taxes.

Read More

Boris Johnson and Rishi Sunak ‘heading for Blair/Brown split’ as PM and Chancellor do battle ahead of Budget

Corporation tax will also rise from 19 per cent to 25 per cent from April 2023, but Mr Sunak will be under pressure to do more to put the economy on a more sustainable footing.

He is expected to hike capital gains tax, which the Chancellor already froze until 2026 in the last Budget, with talk of rates being aligned more closely with income tax rates.

Inheritance tax rates are not expected to change.

Student Loans 

The Chancellor may lower the threshold at which people start repaying their student loans, which could save the Treasury about £2bn a year. 

Currently English and Welsh students who enrolled at university after 2012 pay nine per cent of everything they earn above £27,295 per year. 

They repay the same nine per cent until the loan is fully repaid or until 30 years after graduating. 

Read More

Rishi Sunak to unveil £6bn NHS Budget boost to clear Covid scan and treatment backlogs

But ministers have proposed cutting the threshold to as low as £23,000, and graduates would have 40 years as opposed to 30, to repay their debt. 

Critics have said it would cause a drastic change to graduates incomes, with Money Saving Expert Martin Lewis warning the lowest earning graduates would end up paying more, and for longer. 

He said students would end up paying about £400 more a year.

When is the budget announced?

The 2021 Budget – this year’s second – is being delivered on Wednesday 27 October alongside the UK Government’s spending review – it will take place after PMQs at around 12.30pm.

Additional reporting from Press Association

https://inews.co.uk/news/politics/budget-2021-predictions-announcement-new-measures-list-rishi-sunak-autumn-statement-1266821