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Sunak sets out Budget to protect businesses

Yesterday, the Chancellor of the Exchequer, Rishi Sunak, delivered his second Budget statement and reaffirmed the government’s commitment to supporting individuals and businesses affected by the Coronavirus pandemic whilst outlining his measures for the nation’s road to recovery.

Highlights included:

  • Extension of the Coronavirus Job Retention Scheme (CJRS) until 30 September
  • Fourth and fifth SEISS grants this year
  • Extension of stamp duty holiday until 30 September
  • £5 billion restart grants to boost businesses after lockdown ends
  • Corporation tax set to rise to 25% in 2023
  • Eight locations named for Freeports in England
  • A super-deduction providing allowances of 130% on most new plant and machinery

We have compiled a summary report outlining the Chancellor’s measures that you can access via the link below below. We anticipate that further detail will be announced in the coming weeks and we will continue to update clients and contacts with further newsletters as this emerges.

If you wish to discuss any specific elements of the Budget, please do not hesitate to get in touch with your usual CB Reid contact.