Chancellor remains in 'spend mode' in Autumn Budget 2021
28 October 2021
Chancellor Rishi Sunak resisted the urge to raise taxes in order to start paying off the Covid-19 emergency support schemes which kept many businesses afloat during the pandemic. However, the cloud of increasing inflation looms.
We already knew that many key tax rates and thresholds were frozen last Spring, up to and including 2025/26, and that the National Living Wage is to increase to £9.50 for over 23 year olds in the next tax year. The cut in taper rate for Universal Credit from December was welcomed especially since the £20 weekly uplift Covid-19 pandemic payment was stopped in October.
Company directors are feeling the brunt of limited government support during the pandemic and now the increase in National Insurance Contributions for themselves and their employees under the guise if the Health & Social Care Levy of 1.25% from April 2022.
Read more about the detail of the budget in our Autumn Budget Summary.