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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Did you know that between 2020 and 2021, UKRI has funded £3.1 billion in Grants, of which £885 million was funded through Innovate UK – for companies conducting Research and Innovation? Funds are currently available for organizations that wish to tackle key challenges in their respective fields (Science, Engineering & Software) to devise viable and … …Read More
Last month, the budget saw several future changes for the current UK R&D tax relief schemes. Any company that is currently claiming or intending to claim should consider the upcoming changes as they could have a significant impact on whether you are eligible and/or the amounts you would receive. Hosting and Cloud Computing The … …Read More