Government Statement
In his statement, Rishi Sunak outlined the UK's fiscal response to the ongoing coronavirus pandemic. The Chancellor announced an additional £65 billion in measures over this year and next, bringing total support to £352 billion for this period. He extended support schemes such as furlough and self-employment grants until September, while also reinforcing business rates relief and VAT cuts for key sectors like hospitality and tourism. The statement highlighted the economic recovery forecast by the Office for Budget Responsibility (OBR), which predicts a swifter and more sustained recovery due to the government's interventions. However, acknowledging the profound damage caused by coronavirus, Sunak emphasised the need to address public finances carefully, announcing measures such as freezing personal tax thresholds until 2026 and increasing corporation tax from 19% to 25% in April 2023. Furthermore, Sunak introduced significant investment incentives like the super deduction for businesses investing in capital projects, and announced a new UK Infrastructure Bank with an initial £12 billion capitalisation. He also emphasised initiatives to support green growth, scientific research, small business productivity, and regional development through various programmes such as Help to Grow: Management and Digital. Sunak concluded by reaffirming the government's commitment to uniting and leading the country towards a more prosperous future, focusing on job creation, education improvement, public service reform, economic growth, and spreading prosperity across the UK.