We followed the Budget closely yesterday. Coronavirus dominated this Budget from Rishi Sunak. Ahead of the Chancellor taking to the box, BBC Political Editor Laura Kuenssberg said, “This is going to feel a bit like an emergency budget.” Certainly the opening half an hour did, with extraordinary measures introduced to help the country and economy through a potentially dramatic reduction in output.
Mr Sunak described COVID-19 as a “temporary disruption to the economy” that could see a fifth of the country’s workforce absent at one time due to the virus.
While the government previously announced a measure to ensure workers would receive statutory sick pay from day one of illness, this doesn’t reassure those in the gig economy or the self-employed. Mr Sunak said it would be “quicker and easier” for these workers to get help through benefits.
All in all, a £30bn stimulus package has been announced to help the country’s economy through the current COVID-19 situation. This includes:
Mr Sunak has also announced a raise of the National Insurance threshold to £9,500 from April. This represents a tax cut for 31 million people, and the Chancellor says this is a £104 saving for a “typical employee”.
He commented, “The OBR have said that today’s Budget will be the largest sustained fiscal boost for 30 years.”
