Keep updated with the mini-Budget 2020

Keep updated with the mini-Budget 2020

Chancellor Rishi Sunak will deliver his mini-Budget speech at approximately 12.30 pm on Wednesday 8 July 2020.

He will be expected to discuss further plans to get the UK economy back on track to help businesses and the UK population deal with the financial ramifications of the Covid-19 (Coronavirus) pandemic.

Stay tuned to the Employee Benefits website for all the latest updates on how the mini-budget could impact employers and staff.

In the Spring Budget 2020, announced on Wednesday 11 March 2020, key announcements included: national insurance contribution threshold to rise to £9,500 from April 2020, national living wage projected to increase to £10.50 by 2024, SMEs to be reimbursed for statutory sick pay during the Coronavirus crisis, an introduction of neonatal pay and leave entitlements for working parents, tapered annual allowance threshold for pension tax relief to increase by £90,000, day-one sick pay to apply to those self-isolating without Coronavirus symptoms, a reduction of most company car tax rates by 2%, non-taxable counselling services to include related medical treatments and a review of enterprise management incentive (EMI) schemes.

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Additionally, the government also introduced the Government Job Retention Scheme (GJRS) in March 2020, which has been extended to the end of October 2020.

Follow @EmployeeBenefit on Twitter for real-time coverage of the mini-Budget 2020.