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Summary of the Budget 2021: A round-up of the key takeaways
Rishi Sunak revealed the 2021 budget at the end of October with some predictable and not-so predictable inclusions. If you’ve been wondering how the 2021 Budget will affect your personal finances and the UK economy, we have a round-up of the key decisions here.
What will the Autumn Budget mean for your money?
The UK’s Autumn Budget will be announced by Rishi Sunak on October 27, and although there are no certainties, there is a lot of grounded speculation on what the budget will contain.
Graduates with outstanding Student Finance debts should definitely take note.
But first, what are the biggest changes that have already been released?
“Monetary policy will not produce more HGV drivers”
The Governor of the Bank of England, Andrew Bailey, has gone on record to say the pandemic recovery rate has slowed down and is getting even slower. The reasons for the sluggish economic recovery is said to be due to labour shortage and supply bottlenecks. He has also warned that no monetary policy will produce more HGV drivers.
How pupils are being kept Covid-safe at school
Secondary school students are heading back to the classroom ready for a new year of learning, hopefully this time without a pandemic hiatus. Yet, a group of scientists at Sage – who are also part of the group advising the UK Government - believe the back-to-school period will cause an increase in COVID-19 cases across the UK.
So, what is being done to protect students and their families over the next weeks and months?
Rishi Sunak has two get-out-of-jail-free cards
As he navigates the post-pandemic recovery, Rishi Sunak has a difficult job toeing the line between public sentiment and financial spreadsheets.
Many public groups and systems require urgent funding to maintain service, clear backlogs and even avoid bankruptcy. UK healthcare and social care need £10 billion each, while railways and the judicial system both need a couple of billion. That’s not to forget education requiring just short of £6 billion for students to catch up, and a UK government promise to pensioners that will cost £4 billion each year.
