National Budget Primer

The Chancellor is due to publish the budget tomorrow in the midst of a national crisis, so at The Byte we've got some predictions for how things will unfold tomorrow.

The Government is expected to keep to its manifesto promise to help 30 million workers in the United Kingdom by raising the National Insurance threshold.

Additionally, in the light of the COVID-19 virus, or Coronavirus, we may see better provision for zero hour contract workers rights. The Treasury is also expected to develop financial measures to support public health responses, businesses and the economy. This could come in the form of a, 'hardship fund' for businesses that banks refuse to help.

The government has also dismissed a reform for entrepreneurs in the form of a tax cut, or by cutting it completely.

Importantly, income tax thresholds are expected to be frozen completely. This means that people will be able to earn up to £12,500 before they begin paying 20% tax, and £50,000 before they pay 40%. This also means that pay increases would move top earners into the 40% higher tax bracket sooner.

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