Rishi Sunak’s Budget, delivered earlier today, is the first indication of how government’s plans to repair the damage to the public finances caused by the coronavirus pandemic.
The chancellor announced a host of measures to support businesses and workers – such as an extension to the furlough scheme, extension of grants for the self-employed and keeping the reduced 5% VAT rate for hospitality – but also announced a freeze both in the personal allowance and in income tax thresholds. Sunak also said that from 2023, corporation tax will rise from 19% to 25% for businesses with profits over £250,000, with those with profits £50,000 and below staying at 19% and those in between on a tapered rate.
A snap YouGov poll, launched as soon as the chancellor finished speaking, shows Initial reaction to the Budget is overwhelmingly positive – although there are very high numbers of “don’t know” responses (42%), unsurprising at this early stage.
Nevertheless, by more than four to one, the public backs the Budget. More than four in ten (46%) Britons say they support the measures outlined today, compared to 11% who oppose.
Two thirds of Conservative voters are supportive of the Budget (66%), but it also garners support from Labour voters, by 38% to 18%.
When it comes to specific measures in the budget, the extension of the furlough scheme to September is also widely welcomed. Half (49%) of Britons approve of the scheme lasting until about this time – just 16% think it should be ended earlier. A further 14% want to see the scheme in place for longer still, with Labour voters more likely to feel this way than Conservatives (19% vs 8%).
There is also widespread support for the move to increase corporation tax rates to 25% on profits over £250,000 by 2023. Around two thirds of Britons back such a move 69%, with similar levels of support among Conservative voters (76%) and Labour voters (73%).