Budget 2021: Stock Market Winners and Losers with Susannah Streeter from Hargreaves Lansdown
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\\nSusannah Streeter, Senior Investment and market analyst at Hargreaves Lansdown talk us through today\'s budget.
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\\nLONDON (Reuters) - Finance minister Rishi Sunak delivered what he hopes will be a last big spending splurge to get Britain\\u2019s economy through the COVID-19 crisis, and announced a corporate tax hike from 2023 as he began to focus on the huge hit to the public finances.
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\\nSunak said in an annual budget speech on Wednesday that the economy would return to its pre-pandemic size in mid-2022, six months earlier than previously forecast, helped by Europe\\u2019s fastest coronavirus vaccination programme.
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But lasting economic damage equivalent to 3% of annual output would persist, and 65 billion pounds ($91 billion) of extra support was needed in the short term as restrictions were lifted over the next few months, he said.
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Sunak\\u2019s early warning that he will demand more money from companies - and most individual taxpayers too - makes him one of the first policymakers from rich countries to set out a plan to tighten budget policy after the pandemic.
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Britain\\u2019s first rise in corporation tax since 1974 will see big, profitable companies pay 25% from 2023 compared to 19% now and the overall rate of taxation in the economy increase to its highest since 1969.
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But before then firms can use a two-year \\u201csuper-deduction\\u201d tax break that Sunak hopes will snap them out of their pandemic deep-freeze and invest to boost short-term growth.
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The government\\u2019s budget watchdog said the move was likely to bring forward investment that would have taken place later.
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In his speech to parliament, Sunak repeated his plan to do \\u201cwhatever it takes to support the British people and businesses\\u201d after the economy slumped by 10% last year.
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Britain has also suffered Europe\\u2019s biggest COVID-19 death toll.
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\\nhttps://www.share-talk.com/budget-2021-stock-market-winners-and-losers-with-susannah-streeter-from-hargreaves-lansdown/
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\\nhttps://www.share-talk.com/budget-2021-stock-market-winners-and-losers-with-susannah-streeter-from-hargreaves-lansdown/
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