The Coronavirus pandemic has had a significant impact on the UK economy; borrowing will reach 16.9% in 2020-21 which is the highest level of peacetime borrowing on record, with underlying debt peaking at 97.1% in 2023-24.
It is therefore no surprise that the Chancellor of the Exchequer Rishi Sunak’s Budget 2021 has economic recovery at its core. As the UK emerges from the coronavirus pandemic, there is a need to support livelihoods, whilst allowing businesses to recover and grow.
In summary the budget sets out:
- £4.8 million to enable the development of a Hydrogen Hub in Holyhead, Wales.
- A Biomass Feedstocks Programme to support the rural economy.
- A Modern Methods of Construction (MMC) Taskforce, situated in the West Midlands, to accelerate the delivery of homes constructed using MMC.
- £7 million Portable Apprenticeships Fund to enable individuals who work across multiple projects with different employers to benefit from long-term, high quality training.
- A ‘Super Deduction’ to allow companies investing in qualifying new plant and machinery assets from April 1st 2021 until 31st March 2023 to benefit from a 130% first-year capital allowance.
- Fuel duty will be frozen for 2021-22, with future rates to be considered in the coming years, in the context of reaching net-zero emissions by 2050.
- A green retail savings product will be introduced through the NS&I in the summer of 2021 which will allow UK citizens to invest in measures to support efforts to tackle climate change.
Gemserv Budget Briefing document
Having read the budget Gemserv have produced a briefing document detailing the spending commitments for the low carbon sector from government.
You can download this briefing document by clicking the link below:
