budget report

The government will achieve this by funding the Department for Health and Social Care and the NHS to train, recruit and retain up to 6,000 more doctors in general practice and 6,000 more primary care professionals, such as physiotherapists and pharmacists. Supporting families with school-aged children through Tax-Free Childcare (TFC) – The government is announcing a service improvement that will make TFC compatible with school payment agents. This will allow parents of up to 500,000 school-aged children across the UK to access TFC and use Whai is Law Firm Accounting: Best practice it towards the cost of their wraparound childcare. The Budget will provide funding for a digital waste tracking system to provide better data on waste transport, as well as £2 million to improve evidence on where fly-tipping happens and the best ways to deter it. It can provide flexible low carbon power and decarbonise many industrial processes, whilst also offering the option for negative emissions at scale. The Budget announces a CCS Infrastructure Fund to establish CCS in at least two UK sites, one by the mid-2020s, a second by 2030.

Naturally, the purpose is part of the benefits, but a budget report is so important it’s worth hammering home the importance of using one when managing a business or a project. Retail Prices Index consultation – Alongside the Budget, the government and UK Statistics Authority (UKSA) are launching a consultation, announced on 4 September 2019,[footnote 111] on UKSA’s proposal to address the shortcomings of the Retail Prices Index (RPI) measure of inflation. The consultation will cover, among other things, the issue of timing, including whether the UKSA’s proposal might be implemented at a date other than 2030, and if so, when between 2025 and 2030, and issues on technical matters concerning the implementation of its proposal. The government and UKSA will respond to the consultation before the Parliamentary summer recess. Affordable Credit Challenge Fund – By harnessing the UK’s world-leading fintech expertise, this £2 million challenge fund promotes the development of innovative tech solutions that improve awareness and access to affordable lenders as an alternative to high cost credit.

8 Public sector capability

Targeted business rates holidays – In March 2020 the government announced an unprecedented business rates holiday for eligible retail, hospitality and leisure properties for 12 months from 1 April 2020. To date, an estimated 350,000 properties have benefitted from over £10 billion of support.[footnote 114] Nurseries in England have also received a one-year holiday. https://1investing.in/bookkeeping-for-a-law-firm-best-practices-faqs/ Business rates are England only and the devolved administrations have received Barnett consequential funding in the usual way. These unprecedented economic support schemes have benefited all parts of the United Kingdom. Figure A.1 illustrates the regional and national range of some of the major COVID-19 support schemes for businesses and individuals.

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Budget summary: Key points from Jeremy Hunt’s 2023 Budget

To track efficiency and drive continuous improvement, the government is developing a new Government Efficiency Framework to improve how departments report efficiency savings and ensure government has the appropriate oversight and reporting processes for efficiency savings. Preventing the illicit trade of tobacco – The government is announcing increased resources for Trading Standards and HMRC to combat the illicit tobacco trade, including the creation of a UK-wide HMRC intelligence sharing hub. The government will also consult on proposals for stronger penalties for tobacco tax evasion. Gaming Duty – The government will legislate in Finance Bill 2020 to raise the Gross Gaming Yield (GGY) bandings for Gaming Duty in line with inflation. The revised bandings must be used for accounting periods starting on or after 1 April 2020.

In the year the UK holds the presidency of the UN climate change talks (COP26), the government remains committed to growth that is based on a foundation of sustainability, as the UK makes progress towards meeting its commitment to reach net-zero greenhouse gas emissions in 2050. A new UK-wide mortgage guarantee scheme will make home ownership more achievable for thousands of people, and in England and Northern Ireland extension to the temporary cut in Stamp Duty Land Tax will support the housing market and protect and create jobs. Triple Shot Reinvention with Two Pumps, to elevate the brand, strengthen and scale digital, further expand globally, identify opportunities within and outside the store for efficiencies, and reinvigorate the partner culture. Morgan Stanley’s Dhingra, who expects the Treasury to rely on T-bills to finance its budget needs, said such a move could push the percentage of T-bills as a share of outstanding U.S. debt to around 22%. The answer is unlikely to be found therein, however, despite the Biden administration’s conviction that its top-down regulation of the economy from Washington is net-beneficial. Claims of net-benefits for rules standing alone can already be suspect—let alone assertions for the entire unappraised administrative enterprise.

Outlook for the public finances

The OBR’s March 2021 forecast sets out how the economy is expected to evolve based on the government’s roadmap for easing public health restrictions. The government will create eight new Freeports in England, areas where businesses will benefit from more generous tax reliefs, simplified customs procedures and wider government support, bringing investment, trade and jobs which will regenerate regions across the country that need it most. Discussions continue between the UK government and the devolved administrations to ensure the delivery of Freeports in Scotland, Wales and Northern Ireland as soon as possible. The Levelling Up, UK Community Renewal, Towns and Community Ownership Funds will create well-paid jobs, revitalise places, and develop hubs of innovation in every part of the UK. Alongside this, the Budget extends business rates reliefs, Statutory Sick Pay support and the VAT cut for the UK’s tourism and hospitality sector. The Recovery Loan Scheme will ensure that businesses in all parts of the UK can access the finance they need.

budget report