Chancellor outlines £65bn recovery Budget in Parliament

The chancellor's investment-led recovery includes the establishment of new port infrastructure to support offshore wind projects, £68m for the development of energy storage prototypes, the publication of the prospectus for the £4.8bn Levelling Up Fund, new Freeports in England, and a new super deduction scheme that cuts a company’s tax bill by 25p for every pound invested in new equipment. From 2023 corporation tax will increase to 25 per cent for businesses with profits greater than £250,000.

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Further measures outlined in parliament include the establishment of an Infrastructure bank in Leeds and a new two-pronged Help to Grow scheme for SMEs that will see government pay 90 per cent toward the cost of management courses plus free training for digital skills and a 50 per cent discount on new productivity-enhancing software.

Sunak told Parliament: “This Budget meets the moment with a three-part plan to protect the jobs and livelihoods of the British people. First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis. Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that. And third, in today’s Budget we begin the work of building our future economy.”