Budget 2021 summary

• Health and Social Care Levy, along with an increase to the rates of dividend tax, will raise around £13 billion per year for spending on health and social care across the UK • 50% business rates discount for businesses in the retail, hospitality, and leisure sectors in England • From 1st April 2022 the National Living Wage will increase by 6.6% to £9.50 an hour. • The first Freeport tax sites will be in Humber, Teesside and Thames, and those Freeports will be able to begin initial operations from November. • Increasing public investment in UK R&D to £20 billion by 2024-25