EW 2021 Autumn Budget Brief

Multiples! It happens, perhaps thankfully not too often, that a Chancellor presents two Budgets in one year. It also happens, perhaps far too much on this occasion given the comments made by the Commons Speaker that pre-Budget leaks arise. And there have been 25 previous ‘Conference of the Parties’ (yes that’s what COP actually stands for) before the one starting this weekend.

The latter two points have combined to generate some interesting press coverage in the run-up to today’s Budget. For example, just days after the Government declared the £620m investment through grants for electric cars, as well as an additional £350m to help the industry generally move towards a zero-carbon economy, and the more recent announcement of £6.9bn for English city transport, it was also reported that Tesla’s market valuation broke through the $1tn barrier for the first time.

Of course, it’s not all about big numbers and what needs to happen by 2050. COVID statistics may be falling, furlough may have gone and some businesses may be starting to recover but the overall impact of the pandemic is still very clear to see, especially in the travel, tourism and hospitality industries, where support is still needed.

In another ‘leak’, the Chancellor, Rishi Sunak pledged that this Budget was to start “the work of preparing for a new economy post-COVID”. However, this move to a new economy needs to be paid for. For many, tax-based promises have already been broken with the introduction of the new Health and Social Care Levy.

So the Tax Team has reviewed the various announcements and summarise below some of the main points that could impact on you or your business in the coming months.


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