Five things we learnt from the Budget

Since Rishi Sunak became Chancellor, he has been more focussed on spending money than raising it. Sunak has borrowed more in his first year in his job that Gordon Brown did in his whole time as chancellor. While today’s Budget saw Sunak extend several relief schemes, he also used it to take a few tentative steps to showing how he plans to put the economy on a solid footing following the pandemic.

Stressing that fairness and honesty would define his approach, Sunak did what many in his party had warned against and raised taxes. Here are five things we learnt from Sunak’s Budget:

1. Corporation tax will increase to 25 per cent from 2023

After various tax rises were mooted in the papers, the Chancellor announced two measures aimed at putting UK finances on a sturdy footing. The first is the personal tax threshold freeze and a corporation tax hike. It will increase to 25 per cent from 2023 but income tax thresholds will freeze.