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The Budget – what you need to know

Here are some of the key business measures announced by Chancellor Rishi Sunak in the Budget.

  • An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
  • £5 billion for new Restart Grants – a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England.

  • Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022.
  • More than doubling the legal limit for single contactless payments, from £45 to £100

  • 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief. Eligible businesses pay no business rates for 3 months, with up to 66% relief for the rest of the year worth over £6 billion in 2021-22.
  • £300 million to support theatres, museums and other cultural organisations in England through the Culture Recovery Fund.

  • A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
  • A new Help to Grow scheme to offer up to 130,000 companies across the UK a digital and management boost.

Click here for full list

Click here to read the budget in full

Click here for more information on the Help to Grow Scheme

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