Budget for coronavirus and infrastructure ----------------------------------------------- 2010-20: GDP increased from £1,545.5bn to £2,200bn 2010-20: Government spending up from £673.1bn to £847.6bn 10 11 12 13 14 15 16 17 18 19 20 ----------------------------------------------- Key points Chancellor Rishi Sunak announces £30bn fiscal stimulus to fight coronavirus Central bank: Main interest rate cut by Bank of England from 0.75% to 0.25% to help mitigate economic impact of coronavirus Coronavirus: £5bn emergency response fund to support NHS and other public services. NHS will get whatever funding it needs Statutory sick pay: To be paid to all those who choose to self-isolate. Businesses with fewer than 250 employees will have all sick pay refunded by government for up to 14 days Hardship fund: £500m fund to help vulnerable people Business interruption: Small businesses affected by coronavirus to get loans of up to £1.2m Business rates: Abolished for firms in retail, leisure and hospitality sectors with rateable value below £51,000 National Insurance:Tax threshold to rise from £8,632 to £9,500 Women’s sanitary products: 0.5% tax to be abolished from 2021 Infrastructure: £600bn to be spent on roads, rail, and industry over next five years. Investment in broadband worth £5bn to help expand rural connectivity. New carbon capture “clusters” to be built by 2030, at cost of £800m. Affordable housing programme expanded with extra £12bn of funding Duties: Alcohol, tobacco and fuel duty to be frozen for 10th consecutive year. Business rate discount for pubs raised from £1,000 to £5,000 Non-recyclable plastics: Tax of £200 per tonne from April 2022 Flood defences: Investment doubled to £5.2bn over next six years ----------------------------------------------- Sources: HM Treasury, Office of Budget Responsibility, ONS © GRAPHIC NEWS