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Good morning,
Here we are.....Budget Day in the UK.
As previously discussed a lot of what is expected has already been revealed.
What has come out so far has helped keep strength in the Pound. However expect big volatility today. Great day to pull the trigger on a currency exchange if you get the timing right. Here at Regency FX we can guide you through this decision making process.
Besides the Covid Recovery Loan scheme being extended to June 2022 here is a snapshot of some of the more interesting revelations so far.
The Chancellor is due to announce that the 12-month public sector pay freeze is to end, paving the way for more than five million workers to potentially receive a pay rise next year.
Mr Sunak in November announced pay restraint for police, teachers and other frontline workers between April 2021 and March 2022, with the exception of the NHS and workers earning less than £24,000, following heavy Government borrowing during the coronavirus pandemic.
But the Treasury chief, in an announcement on Monday evening, said the freeze could be lifted due to the the economy being “firmly back on track” after the lifting of virus restrictions.
Around two million workers will get a pay rise next year when the National Living Wage is increased from £8.91 an hour to £9.50.
The Treasury confirmed on Monday that the increase for all over-23s will take place on April 1.
The 59p hourly boost will mean a full-time worker on the living wage will get a pay rise of more than £1,000 per year, according to the Government.
The Treasury said nearly £7 billion would be given to areas such as Greater Manchester, the West Midlands and South Yorkshire for projects ranging from tram improvements to introducing London-style improvements in infrastructure, fares and services.
A £6 billion package of funding will help tackle NHS backlogs and invest in technology and data in a bid to improve efficiency and security within the health service.
The Treasury said the £5.9 billion funding is on top of the Government’s plan to spend £8 billion to tackle the elective backlog over the next three years, and the £97 billion additional funding the Government has provided to support health and care since the start of the pandemic.
The Department of Health and Social Care will receive £5 billion over the next three years to fund research and development in areas such as genome sequencing and tackling health inequalities.
Part of the package will include genome technology to allow doctors to detect more than 200 conditions in babies, compared with existing tests which can only identify nine.
Some £95 million of the funding will go towards the Office for Life Sciences to help with cutting-edge innovations to help treat cancer, obesity and mental ill health.
A cash injection of £3 billion will be given to both post-16 education but also to adults later in life.
Mr Sunak will announce the number of skills boot camps in areas such as artificial intelligence, cybersecurity and nuclear will be quadrupled.
New school places for children with disabilities and special educational needs will be created with a £2.6 billion pot.
Mr Sunak is expected to almost triple the amount of this year’s capital funding for the most disadvantaged young people through specialised educational support, with up to 30,000 new spots made available.
The Treasury said a £1.8 billion package of investment would help regenerate land and level up the country.
Mr Sunak will allocate £65 million to ramp up England’s planning system, including digitisation that will make local plans easier to access and £9 million to help local authorities create 100 new urban “pocket parks” across UK.
The £1.4 billion fund will funnel money into key innovative sectors by handing out grants to encourage internationally mobile companies to invest in the UK’s critical industries, including life sciences and automotive.
The fund includes £354 million to support investment in life sciences manufacturing, increasing resilience for future pandemics, and more than £800 million investment in the production and supply chain of electric vehicles, including in the North East and Midlands.
A new talent network to attract high-skilled workers to the UK will also be set up in innovation hotspots, first in the Bay Area of San Francisco and Boston in the US in 2022, and also Bengaluru in India.
Ageing Border Force vessels will be replaced by new cutters as part of a £700 million investment to improve the safety of Britain’s borders.
The current fleet, which is 20 years old, will be retired and 11 new vessels will come into service to help tackle organised crime and illegal migration at a cost of £74 million.
A £435 million package of measures aimed at preventing crime will form part of next week’s Budget – with a focus on violent offences against women.
The Chancellor is expected to pledge millions for better CCTV and improved street lighting and give £80 million in additional funding to the Crown Prosecution Service.
Tax changes will be introduced to try to tempt more of the world’s largest shipping companies to UK shores.
Ships that fly the Union Jack and those which help the UK reach net zero will both be more likely to be accepted if applying to the UK’s tonnage tax regime.
Mr Sunak will deliver his Budget and spending review to the Commons on Wednesday.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
UK: Budget Day
US: 12:30 Durable Goods Orders
JPN: 03:00 Bank of Japan Interest Rate Decision
