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Budget 2020

Rishi Sunak's first budget was delivered against the challenge of the global outbreak of Coronavirus (COVID-19). This budget aimed to deliver on change, providing security today alongside providing a plan for prosperity tomorrow from a government that gets things done.


COVID-19 will cause temporary disruptions to the economy having a significant impact, but the Chancellor reassured that this would be temporary and the economy will recover. A 3 point plan is being implemented to help provide security and support for those off work including changes to Statutory Sick Pay (SSP).




Economic Forecast

A Budget that 'gets it done', as the Chancellor mentioned over a dozen times. With spending for the NHS, housing and research & development, it was certainly less of an austerity Budget that we'd become accustomed to. Rishi Sunak's first Budget after being in the job for a month was to lead the UK to being 'brave & bold, taking decisions now for our future prosperity'. 

There is predicted to be a temporary interruption to the economy. However, the budget offers help in several ways from sick pay fully recoverable from HMRC to loans and increases in R&D relief, which the Chancellor believes this will give the necessary support needed to small businesses during the disruption. Overall, a positive budget for small businesses. 

Tags: Budget, business, Tax

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