Budget 2020: Key points at a glance

The UK government has made its 2020 Budget announcement today (March 11).

This year’s Budget announcement comes on the heels of Brexit and the coronavirus (COVID-19) outbreak, as well as a slew of heavy storms affecting businesses across the country.

See the key points of the Budget below:

£3bn is being put towards tackling COVID-19. This includes NHS funding and funds for small businesses who may have to pay sick pay for self-isolating employees.
The National Insurance threshold has been increased to £9,500. This means a tax cut for 31,000,000 employees.
Tampon tax will be abolished from 1 January 2021, meaning that sanitary products will no longer be taxed.
Alcohol duties will be frozen for another year, meaning no increase in taxes that providers pay.
Fuel duty will be frozen for another year, meaning no increase in taxes that providers pay.
£130m of funding allocated to extending startup loans to support entrepreneurs.
£5bn of new export loans for businesses following the country’s exit from the European Union.
Employment Allowance increased to £4k, a tax cut for small businesses.
Investment in research and development will be increased to £22bn a year.
A Plastic Packaging Tax will be introduced to combat plastic waste.
£500m will be allocated to the rollout of electric vehicle charging hubs.
Investment in flood defences will be doubled over the next six years following UK storms this winter.
30,000 hectares of trees will be planted over the next five years.
A new economic campus will be established in the North.
£5bn will be allocated to broadband in hard-to-reach areas of the country.
£510m will be invested in mobile 4G coverage.
The Reading Tax will be abolished, meaning an end to VAT charged on publications.
A new £2.5bn pothole fund has been announced.