A 5% cut to duty on draught beer and cider served from draught containers over 40 litres will be introduced. From February 2023 a new simplified alcohol duty system will be introduced. Drinks will be taxed in proportion to their alcohol content, making the system fairer.
A new temporary business rates relief will be introduced for eligible retail, hospitality and leisure properties in England. The temporary relief will mean over 90% of eligible businesses will receive at least 50% off their business rates bills in 2022/23. From 2023, a new business rates relief will be introduced to support investment in property improvements. This will enable businesses to make improvements that support net zero targets.
Funding will be provided for full association with Horizon Europe. If the UK is unable to associate to Horizon Europe, the funding will be allocated to UK government R&D programmes. The British Business Bank's regional funds will receive over £1.6 billion to provide debt and equity finance to smaller businesses. The Regional Angels Programme will receive £150 million to reduce imbalances in access to early-stage equity finance across the UK. The Government will continue to fund the Start Up Loans scheme. The Recovery Loan Scheme will be extended until 30 June 2022. Museums, cultural and sporting bodies, such as regional libraries, will receive £52 million to support recovery from Covid-19 and an additional £49 million in 2024/25. A new small producer relief will be introduced for cider makers and other producers of lower alcohol drinks.
Apprenticeship funding will increase to £2.7 billion by 2024/25. The £3,000 apprentice hiring incentive for employers will continue until 31 January 2022. The sector-based work academy programme (SWAP) will receive £10 million a year to help unemployed people undertake work experience, learn new skills and retrain in high-demand sectors in their local area. The Full Budget documents can be viewed at: https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents |