EW Budget Brief 2021

On 11 March 2020 the Chancellor, less than a month into his new role, provided an unheralded £30bn response to the imminent threat of Covid, with all the uncertainty the pandemic had at that point, being still 5 days before Matt Hancock advised “all unnecessary social contact should cease” and the first national lockdown commenced.

Even before Rishi Sunak stood up earlier this afternoon to make his second Budget speech, the running total of Covid related financial support had reached £280.1bn, almost 10 times the original emergency package from last year. As the Chancellor stated, the priority is to see the economy emerge from the third lockdown without triggering mass unemployment and a a wave business failures.

Over the past 12 months, we have tried to help, support and advise our many clients and contacts as best we can, especially friends in the travel and tourism industry which has obviously been hard hit, and we remain ready to do so.

Whether you want an industry perspective or specific advice around aspects such as cash flow preservation, HR policies or restructuring, help is only a call away.

The last 12 months has brought much sadness with the loss of life and good businesses disappearing. However, perhaps finally there is some return to normality on the horizon. As we said last year, in this context, some of the Budget announcements lose their importance. Nonetheless, the Elman Wall Tax Team has reviewed the various announcements and summarised some of the main points that could impact on you or your business going forward.


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