Budget 2021: spend, spend, spend

Budget summary:

• Chancellor Rishi Sunak decided to spend rather than save in the Autumn Budget with an extra £150 billion for public services.
• Businesses saw the welcome extension of the increased annual investment allowance of £1 million to 2023, alongside changes to research and development tax relief.
• The much-anticipated rise in Capital Gains Tax did not materialise, with no further changes to Income Tax beyond the previously announced 1.25% increase to dividend tax rates and NIC.
• The Office for Budgetary Responsibility upgraded the UK’s economic growth forecast to 6.5% from 4%, but higher inflation may be the sting in the tail.

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