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Rishi Sunak announced a series of changes for next year, including the cancellation of the increase in the rates multiplier.
[25] A vaping tax will be introduced. Vehicle Excise Duty will be adjusted to favour electric vehicles. Air Passenger Duty will increase dependent on flight class and length. [26] Retail, hospitality and leisure industry will see business rates fall in 2026. Alcohol duty on draught drinks will be cut by 1p. Corporation tax stayed at 25%.
In November 2023, the Chancellor of the Exchequer, Jeremy Hunt extended the 75% retail, hospitality, and leisure business relief rates until April 2025. Hunt publicly thanked Vickers for his campaigning on this issue in his Autumn Statement address on 22 November 2023. [35]
Reduction in the main rate of National Insurance from 12% to 10% from 6 January 2024. [19] Reduction in Class 4 National Insurance for self employed from 9% to 8% from April 2024. [19] Increase in the National Living Wage from £10.42 to £11.44 per hour from April 2024. The age threshold for the increase will also be lowered from 23 to 21.
Overall, it's a tax cut worth £1.78bn. For premium support please call: 800-290-4726 more ways to reach us
It is expected that the measures will cause borrowing to fall to 4.5% of GDP in 2022–23, 3.5% in 2023–24, 2.9% in 2024–2025, and 2.8% in 2025–2026. The national debt is expected to rise from 88.8% of GDP in 2021 to 93.8% in 2022, 97.1% in 2023–24, 97% in 2024–2025 and 96.8% in 2025–2026
Retail & Leisure BID is a business improvement district (BID) that represents over 650 businesses in the retail and leisure heart of Liverpool's city centre, covering a total area of 49 acres and including 61 streets, such as Bold Street, Church Street, Lord Street, the Cavern Quarter, Whitechapel, Williamson Square, Queen Square, Ranelagh Street and all inter-connecting streets. [2]
Eat Out to Help Out was a British government scheme to support and create jobs in the hospitality industry to counter the economic impacts of the COVID-19 pandemic. [ 1 ] [ 2 ] The scheme involved the government subsidising food and non-alcoholic drinks at participating cafes, pubs, and restaurants at 50%, up to £10 per person (per order).