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28 Oct 2021
Chancellor Rishi Sunak delivered his 2021 Autumn Budget speech yesterday, outlining a range of changes, including reforms to the business rates system in England and a cut to the Universal Credit taper rate from 63p to 55p.
Mr Sunak also announced significant changes to fuel duty and alcohol duties: fuel duty will be frozen at 57.95p per litre for 2022/23, and drinks will be taxed in proportion to their alcohol content.
Meanwhile, public research and development (R&D) investment will increase to a record level of £20 billion by 2024/25. Combined with R&D tax reliefs, total government R&D support as a proportion of GDP is predicted to increase from 0.7% in 2018 to 1.1% in 2024/25.
Further details regarding the announcements made by the Chancellor feature in the official press releases. Our comprehensive Budget Summary outlines the key measures, including some of the less-publicised changes that may impact upon your business or personal finances.
For a detailed overview of the 2021 Autumn Budget information, please read our 2021 Autumn Budget Summary.