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Chancellor Rishi Sunak has delivered the 2021 UK Budget announcing the extension of several coronavirus support schemes and outlined plans for the country’s post-pandemic recovery. 

During his speech he confirmed the stamp duty holiday would continue until the end of June with the nil rate band set at £250,000. 

He also said mortgage lenders would start providing 5% deposit mortgages again through a government guarantee scheme for properties valued up to £600,000. It’s not restricted to first-time buyers or new-build homes, like the Help to Buy scheme.
 
Key points: 

  • Rishi Sunak says the recovery will be 'swifter and more sustained' than thought and unemployment may peak at 6.5% in 2022, lower than the 11.9% predicted.  

  • Corporation tax will increase to 25% from 2023 but income tax thresholds will freeze. 

  • A further 600,000 self-employed people will be eligible for help as access to grants is widened. The amount borrowed is comparable only with that during the two world wars, he says; It will be the work of many governments, over many decades, to pay back. 

  • UK to borrow a peacetime record of £355bn this year and borrowing will total £234bn in 2021-22.  

  • The furlough scheme - which pays 80% of employees' wages - will be extended until the end of September. Employers will be asked to contribute 10% in July and 20% in August and September. 

  • A further 600,000 self-employed people will be eligible for help as access to grants is widened.  

  • The Universal Credit top-up of £20-per-week will continue for a further six months.  

  • The 5% reduced rate of VAT for tourism and hospitality will be extended for six months to the end of September.  

  • The 100% business rates holiday in England will continue from April until June.  

  • £19m is announced for domestic violence programmes.  

  • There is £400m to help arts venues in England re-open; £300m for professional sport; £25m for grassroots football. 

  • Treasury will establish a new economic campus in Darlington.  

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