Chancellor Rishi Sunak has announced a long list of measures in today s Budget that will have an impact on house buying, jobs and businesses across the south west. Here is everything you need to know about its impact on Covid-19 measures, jobs, investment and livelihoods and how it will affect you.
1. Covid-19 An extra £1.65 billion cash injection to the Covid-19 vaccination roll-out in England. £28 million to increase the UK’s capacity for vaccine testing, support for clinical trials and improve the UK’s ability to rapidly acquire samples of new variants of COVID-19. £22 million for a study to test the effectiveness of combinations of different Covid-19 vaccines. This will also fund the world’s first study assessing the effectiveness of a third dose of vaccine to improve the response against current and future variants of COVID-19.
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Housing
Mr Sunak announced a mortgage guarantee scheme which is designed to help home buyers purchase properties worth up to £600,000 with a deposit of just five percent.
The Government will underwrite the remaining 95 percent.
Speaking from the House of Commons, he said: I’m pleased to say that several of the country’s largest lenders including Lloyds, NatWest, Santander, Barclays and HSBC will be offering these 95% mortgages from next month, and I know more, including Virgin Money will follow shortly after. A policy that gives people who can’t afford a big deposit the chance to buy their own home.
Budget 2021 summary: What it means for construction building.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from building.co.uk Daily Mail and Mail on Sunday newspapers.
A year ago, in my first Budget, I announced our initial response to coronavirus.
What was originally thought to be a temporary disruption to our way of life has fundamentally altered it.
People are still being told to stay in their homes; businesses have been ordered to close; thousands of people are in hospital.
Much has changed.
But one thing has stayed the same.
I said I would do whatever it takes; I have done; and I will do so.
We have announced over £280 billion of support, protecting jobs, keeping businesses afloat, helping families get by.
Despite this unprecedented response, the damage coronavirus has done to our economy has been acute.