Budget - Key points at a glance
SOME key points from Chancellor Rishi Sunak's Budget:
- The minimum wage will increase to to £9.50 an hour next year, up from the current £8.91.
- The Universal Credit taper rate will be cut by 8 per cent from no later than December 1, bringing it down from 63 per cent to 55 per cent.
- Alcohol duty is being "radically" simplified by introducing a system designed around the principle of "the stronger the drink, the higher the rate".
- A "draught relief" will apply a lower rate of duty on draught beer and cider, cutting the tax by 5 per cent on drinks served from draught containers over 40 litres and bringing the price of a pint down by 3p.
- A planned rise in fuel duty will be cancelled because of pump prices being at their highest level in eight years.
- Flights between airports in England, Scotland, Wales and Northern Ireland will be subject to a new lower rate of Air Passenger Duty from April 2023.
- Every Whitehall department will receive a "real terms rise in overall spending" as part of the Spending Review, the Chancellor said, amounting to £150 billion over this Parliament.
- A levy will be placed on property developers with profits over £25 million at a rate of 4 per cent to help create a £5 billion fund to remove unsafe cladding.
- Devolved administrations will be given the "largest block grants" since 1998, with an increase of £4.6 billion for Scotland, £2.5 billion for Wales and £1.6 billion for Northern Ireland.
- An extra £2.2 billion has been announced for courts, prisons and probation services, including £500 million to reduce the courts backlogs.
- Core science funding will rise to £5.9 billion a year by 2024-25, a cash increase of 37 per cent.
- A new 50 per cent business rates discount will apply in the retail, hospitality, and leisure sectors, with eligible businesses able to claim a discount on their bills of up to a maximum of £110,000.
- A £6 billion package of funding will help tackle NHS backlogs and invest in technology was also trailed ahead of the statement.
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