Described as the biggest fiscal boost in 50 years, Chancellor Rishi Sunak today unveiled welcome plans to bolster the UK economy with a £30 billion spending stimulus package to act both as a comforting cushion against possible disruption in the wake of the Coronavirus and as vital investment in major new initiatives.
Spending commitments included a range of infrastructure projects as well as investments in R&D, schools, the NHS and in housebuilding in the UK. Here's our roundup of the latest news.
Richard Palfreeman, CEO Northfields Estates
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Although no gain for those with fixed-rate mortgages, the emergency 0.5% interest rate cut announced by the Bank of England yesterday will mean monthly savings for householders with tracker mortgages. It is also great news for landlords as nearly all buy-to-let mortgages are lent on an interest-only basis. A 0.5% cut in rate, equals a saving of about £40 a month for every £100,000 borrowed. It will also mean better deals for those about to take out a mortgage.
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Unlike previous budgets, landlords will be relieved to hear that there have been no new tax measures introduced this year. While a 2% stamp duty surcharge will be introduced for non UK nationals from April 2021, UK based buyers and sellers will also be pleased that there are no domestic changes, providing both groups with welcome confidence and certainty.
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To help cushion the blow from falling demand due to the Coronavirus, the Chancellor has announced 100% business rates relief for 2020/21 for small businesses in the retail, leisure and hospitality sectors with a rateable value of less than £51K.
Retailers will be celebrating as a £3,000 cash grant worth £3bn, has also been allocated to approximately 700,000 smaller businesses that already pay no business rates.
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Announced in the home building package is a £12bn, multi-year settlement to extend the Affordable Homes Scheme plus an additional £1.1bn from the Housing Infrastructure Fund to help build nearly 70,000 new homes across the country in high demand areas.
In addition, the eight Metro mayors have been allocated a £400m fund to to help build new homes on brownfield sites. To help local authorities, interest rates on lending for social housing will also be cut by 1%.
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