Chancellor Rushi Sunak announced his first budget on Wednesday the 11th March in what was considered by many to be the biggest spending spree in 28 years. There was little doubt that this budget was heavily influenced by current world events and fears over the impact of the Coronavirus. We, at Resolve, however, see a number of positives in the budget which we believe will benefit both individuals and the country as a whole. With that said we also see that questions around how some of the budget highlights will be paid for are valid.
Some of the highlights we have identified include:
- An increase to the National Living Wage
- An increase to the Pension Lifetime Allowance
- An increase to the Junior ISA Annual subscription limit
- Corporation Tax remaining at 19%
- Increase of Employment Allowance to £4000
- Abolition of the so called ‘Tampon Tax’
- Introduction of a new ‘Plastic Packaging Tax’ and the introduction of a ‘Climate Change Levy’
For a comprehensive summary of the key points of the Spring Budget then we would recommend: bbc.co.uk/news/uk-politics-51832634, or please do get in touch on 01932 943028 to discuss how the changes could impact your financial plans in 2020 and 2021.