This years Budget was focused on protecting the jobs and livelihoods of the British people during the Coronavirus pandemic.
The key points for families and individuals are as follows:
- £1.65bn boost to the UK's vaccine rollout as the government plans to offer all adults their first dose by 31 July. As part of that, £33m more will be invested in vaccine testing and development to protect against future outbreaks and variants
- The furlough scheme will be extended until the end of September, with the government paying 80% of salary - though employers will be asked to put in 10% from July and 20% from August
- Help for the self-employed will also be extended with changes meaning 600,000 more people will be eligible to claim from the Self Employment Income Support scheme
- The temporary increase of £20 a week in universal credit will continue for a further six months
- There will also be a one-off payment of £500 to working tax credit claimants
- A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
- Personal income tax thresholds will be frozen from next year until 2026 - at £12,570 for the basic rate and at £50,270 for the higher rate - dragging more people into paying as their salaries rise in line with inflation
- Thresholds for inheritance tax, pensions lifetime allowance and capital gains tax thresholds are also being frozen
- Planned increases in duties on beer, cider, spirits and wine - as well as fuel - will be cancelled
- Consumers will be able to put their money into a new savings product to support green projects
See how will the budget affect you at this link:
A summary of the key points are available at the following links: