Budget 2020: Key points at a glance

The UK government has made its 2020 Budget announcement today (March 11).

This year’s Budget announcement comes on the heels of Brexit and the coronavirus (COVID-19) outbreak, as well as a slew of heavy storms affecting businesses across the country.

See the key points of the Budget below:

• £3bn is being put towards tackling COVID-19. This includes NHS funding and funds for small businesses who may have to pay sick pay for self-isolating employees.

• The National Insurance threshold has been increased to £9,500. This means a tax cut for 31,000,000 employees.

• Tampon tax will be abolished from 1 January 2021, meaning that sanitary products will no longer be taxed.

• Alcohol duties will be frozen for another year, meaning no increase in taxes that providers pay.

• Fuel duty will be frozen for another year, meaning no increase in taxes that providers pay.

• £130m of funding allocated to extending startup loans to support entrepreneurs.

• £5bn of new export loans for businesses following the country’s exit from the European Union.

• Employment Allowance increased to £4k, a tax cut for small businesses.

• Investment in research and development will be increased to £22bn a year.

• A Plastic Packaging Tax will be introduced to combat plastic waste.

• £500m will be allocated to the rollout of electric vehicle charging hubs.

• Investment in flood defences will be doubled over the next six years following UK storms this winter.

• 30,000 hectares of trees will be planted over the next five years.

• A new economic campus will be established in the North.

• £5bn will be allocated to broadband in hard-to-reach areas of the country.

• £510m will be invested in mobile 4G coverage.

• The Reading Tax will be abolished, meaning an end to VAT charged on publications.

• A new £2.5bn pothole fund has been announced.

See how the business community has reacted to the Budget here.

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