Shelagh Fogarty 1pm - 4pm
Budget at a glance: How Rishi Sunak's spending spree will affect you
11 March 2020, 14:00 | Updated: 15 June 2020, 15:27
From coronavirus to roads and alcohol, here is how Rishi Sunak's first Budget will affect your life.
Delivering his first budget with a performance that Shelagh Fogarty labelled "barnstorming", Rishi Sunak said coronavirus would cause a “temporary disruption” to the UK economy.
These are the policies that will make a difference in your life.
- The Chancellor said that "whatever extra resources our NHS needs" - whether it's millions or billions of pounds - to cope with the coronavirus "it will get". He has set aside a £5 billion emergency response fund to support the NHS and other public services.
- Statutory sick pay will be available for "all those who are advised to self-isolate" even if they have not displayed symptoms.
- The Government will meet the cost for businesses with fewer than 250 employees of providing statutory sick pay to those off work due to coronavirus.
- A "temporary coronavirus business interruption loan scheme" will be introduced for banks to offer loans of up to £1.2 million to support small and medium-sized businesses.
- Those on contributory employment and support allowance will be able to claim from day one instead of day eight to make sure that time spent off work due to sickness is reflected in their benefits. The minimum income floor in Universal Credit has also been removed.
- The planned increase in spirits duty will be cancelled and duties for beer, cider and wine drinkers will be frozen as well.
Unpopular taxes abolished
- The Chancellor announced that the tampon tax would be abolished.
- He also revealed he is abolishing VAT on books, newspapers, magazines and academic journals from December 1, in time for Christmas.
Helping flooding victims
- Mr Sunak said he would make £120 million available immediately to repair all defences damaged in the winter floods.
- He is also providing £200 million directly to local communities to build flood resilience and would double investment in flood defences over the net six years to £5.2 billion.
- 30,000 hectares of trees will be planted over the next five years and 35,000 hectares of peatland would be restored.
- The Chancellor announced a £5 billion fund to get gigabit-capable broadband into the hardest to reach places in the UK.
- He also announced £510 million of new investment for the shared rural mobile phone network.
- The government announced "the biggest ever investment in strategic roads and motorway", spending more than £27 billion.
- He promised to fix potholes across the country, with a £2.5 billion pothole fund.
- Roads such as the A303 and A1 will be improved.
- £500m spending on electric vehicle charging.
- Fuel duty will be frozen for another year.
- The Chancellor has announced £650 million of funding to help end rough sleeping by the end of this Parliament, funding 6,000 places to live.