Autumn Budget 2021: Key points at-a-glance

  • The minimum wage will increase to to £9.50 an hour next year, up from the current £8.91
  • £1m annual investment allowance will not end in December as planned. It will be extended to March 2023
  • Bank surcharge within corporation tax will be retained at 3% and overall corporate tax rate on banks will increase from 27% to 28% in 2023 -New 50% business rates discount for businesses in the retail, hospitality and leisure sectors, including pubs, music venues, cinemas, restaurants, hotels, theatres, and gyms
  • Reform of tax relief for research and development investment -Universal Credit is reduced by 63p so for every extra £1 someone earns. Mr Sunak announced plans to cut this by 8 percentage points (from 63% to 55%). This will come into effect "within weeks"
  • A “draught relief” will apply a lower rate of duty on draught beer and cider, cutting the tax by 5% on drinks served from draught containers over 40 litres and bringing the price of a pint down by 3p
  • A planned rise in fuel duty will be cancelled because of pump prices being at their highest level in eight years.