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The Economy

• Economy predicted to grow by 1.1% in 2020-21, revised down from 1.4% forecast a year ago (this figure does not take into account the impact of COVID–19)

• Growth predicted to rebound to 1.8% in 2021–22, easing back to 1.5% in 2022–23

• Inflation forecast of 1.4% this year, increasing to 1.8% in 2021–2022

Coronavirus and Public Services

• £5bn emergency response fund to support the NHS and other public services in England

• All those advised to self-isolate will be entitled to Statutory Sick Pay, even if they have not presented with symptoms

• Self-employed workers who are not eligible will be able to claim contributory Employment and Support Allowance (available from day one)

• £500m hardship fund for councils in England to help the most vulnerable in their areas

• Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks

• Small firms will be able to access business interruption loans

• Business rates in England will be suspended for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000

• £6bn in extra NHS funding over five years to pay for staff recruitment and start of hospital upgrades

Personal Taxation and Pensions

• Tax paid on the pensions of high earners, including NHS consultants, to be recalculated to address staffing issues

• The two tapered Annual Allowance thresholds for pensions will each be raised by £90,000

• The minimum level to which the Annual Allowance can taper down will reduce from £10,000 to £4,000 from April 2020

• Annual Capital Gains Tax exemption increased to £12,300 from 2020–21

• The Lifetime Allowance for pensions will increase in line with the Consumer Prices Index, to £1,073,100 for 2020–21

• From 11 March 2020 the Lifetime Allowance on gains eligible for Entrepreneurs’ Relief reduced from £10m to £1m.