Autumn Budget 2021: Key points at-a-glance

3 years ago 26

Chancellor Rishi Sunak is unveiling the contents of his Budget in the House of Commons.

He is setting out the government's tax and spending plans for the year ahead.

Here is a summary of the main points so far.

State of the economy and public finances

Image source, Getty Images

Inflation in September was 3.1% and is likely to rise further - to average 4% over next year, according to estimates
UK economy forecast to return to pre-Covid levels by 2022
Annual growth set to rebound by 6.5% this year, followed by 6% in 2022
Unemployment expected to peak at 5.2% next year, lower than 11.9% previously predicted
Wages have grown in real terms by 3.4% since February 2020
Borrowing as a percentage of GDP is forecast to fall from 7.9% this year to 3.3% next year
Borrowing as a percentage of GDP will then fall in the following four years to 1.5%
The government is scheduled to reinstate its commitment to spend 0.7% of GDP on foreign aid by 2024-25

Schools to get an extra £4.7bn by 2024-25
There will be nearly £2bn of new funding to help schools and colleges to recover from the pandemic
Schools funding to return to 2010 levels in real terms - an equivalent per pupil cash increase of more than £1,500
£300m will be spent on a "Start for Life" parenting programmes, with an additional £170m by 2024-25 promised for childcare
A UK-wide numeracy programme will be set-up to help improve basic maths skills among adults