Autumn 2021 Budget Hub
Welcome to your Autumn 2021 Budget Hub
The Autumn 2021 Budget has now finished and below is a list of the key points that were announced. For a more detailed summary - watch the webinar below.
- The Office for Business Responsibility (OBR) predicts Consumer Price Index (CPI) to increase to an average of 4% over the next year
- Tax relief for museums extended to 2024 and tax relief for arts sector doubled to 2023
- UK-wide numeracy programme called Multiply will be introduced to improve basic maths skills, with the government investing £560 million
- The Chancellor confirms Scottish government funding will go up by £4.6bn, Welsh government funding by £2.5bn, and an extra £1.6bn will be given to the Northern Ireland Executive.
- 50% business rates discount for eligible organisations in retail, hospitality and leisure sectors
- Planned rise in fuel duty cancelled
- The Chancellor confirms that NLW will rise to £9.50 per hour
- The ‘payfreeze’ within the public sector is to be withdrawn, seeing those within this sector receive wage increases
- The Universal Credit taper will be reduced from 63% to 55%, a total of a 8% cut, taking effect no later than 1 December 2021
The CIPP policy and research team will be diving deeper into these announcements, and will be providing some commentary soon - so keep an eye on this page and our social media channels.
This page will be regularly updated to include the latest updates from the October 2021 Budget, and include information to help, and guide, payroll professionals through the main changes.
The page includes the latest news, resources, and links to internal and external resources. Please feel free to share this webpage with friends and colleagues.