Brexit has triggered 'explosion' of investment says Rishi Sunak
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Britons will have their ear to the ground regarding incoming economic changes as the country attempts to break from a unique selection of constraints. The pandemic, coupled with the fallout from Brexit, left the country worst off amongst the G7, and despite a promising recovery, it is still far below many of its peers. Rishi Sunak, who has already cut Universal Credit and introduce a National Insurance hike, will lay out a complete post-Covid “recovery plan” in the coming days.
How much could the Autumn budget plans cost you?
During the Conservative conference earlier this month, the Prime Minister refused to rule out further tax increases.
According to rumours surrounding Mr Sunak’s October 27 address, the first “Build Back Better” budget will include further income raids.
These will come straight from people’s paychecks and increasing levies on luxury products.
Council tax increases
While this isn’t confirmed yet, Mr Sunak may choose to follow tradition and allow town halls to raise council tax again.
The rate has risen annually for the past decade and could claim an additional five percent across the country.
Homes in the lowest bands will feel these rates bite as they increase to near £2,000.
Dividend tax curbs the total amount people can earn from shares they own.
The Government currently plans to keep the allowance at £2,000, as it has since the 2018-2019 tax year.
They also come with a basic rate of 7.5 percent, higher rate of 32.5 percent and an additional rate of 38.1 percent, which may increase by 1.25 percent following the budget.
The new rates of 8.75 and 33.75 for basic and higher rates will raise approximately £600 million.
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Green gas levy
The Government will transplant the levy currently used on electricity bills to gas bills.
The move – which marks another step towards the “net zero” targets – could add hundreds of pounds to some people’s bills.
And it will phase in over approximately 10 years following its imminent pre Cop26 announcement.
The plan for jobs
One of the Government’s most advertised post-Covid support measures going forwards is the “Plan for Jobs”.
The plan will form a central pillar of the budget and aims to get people back to work.
The £500 million funding drive will have targeted help for older workers, with additional space for apprenticeships and traineeships.
According to the Daily Telegraph, Mr Sunak will also address the ongoing skills shortage.
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