700,000 jobs lost, £280 billion spent, an additional £127 billion planned to be spent on revival, the UK economy shrunk 10%, highest ever borrowing outside wartime… any one of these phrases would be a hard-hitting newspaper headline; the coronavirus pandemic has terrorised the world and now it’s time to recoup, rebuild and recover.
The 2021 Spring Budget was announced on Wednesday 3rd March 2021, a plan to recover from the largest deflation of the UK’s Gross Domestic Product (“GDP”) in modern history; a steep feat which lies on the shoulders of Rishi Sunak.
Office for Budget Responsibility (“OBR”) forecast the following:
UK economy will grow by:
Unemployment rate would have peaked at 11.9%, however with the Chancellor’s recovery plan it should peak at 6.5% (1.8m fewer people out of work)
Announcements related to Innovation Funding
Please see the full Budget report here.
If you have any questions on the above or would like clarification on any of the initiatives, schemes or amendments within the Spring Budget 2021, please contact Jenson Brook by email at firstname.lastname@example.org.
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