The new Health and Social Care Levy, along with an increase to the rates of dividend tax, will raise around £13 billion per year for spending on health and social care across the UK. This enables significant further funding for the NHS, for the government’s reforms to social care, public health and prevention programmes, and investment in training the workforce of the future.
Permanently cutting the Universal Credit taper rate by 8% from 63p to 55p, ensuring more money in people’s pockets.
From 1st April 2022, the National Living Wage will increase by 6.6% to £9.50 an hour. Young people and apprentices will also see pay increases as the National Minimum Wage rates will also increase next April.
Allocation of the first 21 projects to benefit from the £150 million Community Ownership Fund, which will help communities across the UK protect and manage their most treasured assets, from building the John Jenkins Stadium in Portsmouth to acquiring the Old Town Hall as part of new museum development in Whithorn in Scotland.
Increasing public investment in UK R&D to £20 billion by 2024-25, representing an increase of around a quarter in real terms. A new 50% business rates discount for businesses in the retail, hospitality, and leisure sectors in England. Overall reducing the burden of business rates in England by £7 billion over the next five years, alongside a commitment to modernise the business rates system with more frequent revaluations every three years.
A further £625 million for the Nature for Climate Fund, ensuring a total spend of more than £750 million by 2024-25 will help meet our commitment to plant at least 7,500 hectares of trees every year in England by 2025 and restore 35,000 hectares of peatland during this Parliament.
The alcohol duty system will be overhauled to make it fairer and more straightforward, with drinks taxed in proportion to their alcohol content and duty rules simplified.
The establishment of new trade and investment hubs in Cardiff and Belfast and the expansion of the existing trade and investment hub in Edinburgh, ensuring the benefits of the UK’s global trade policy is channelled across the UK.