Rishi Sunak launches into battle against the financial cost of Covid | Budget 2021


One last push for victory. Wartime metaphors have abounded since the start of the Covid-19 pandemic, and Rishi Sunak has stuck to the martial theme in his second budget. The government would use the state’s “full fiscal firepower” to defeat the invisible enemy, he said.

Comparisons to previous conflicts are appropriate, if not always flattering. The government’s complacency and unpreparedness a year ago was a return to the Boer War. There have been times when the damning judgment of generals sending men to their deaths on the Western Front – lions led by donkeys – has seemed relevant.

And, of course, there were similarities to World War II: the early setbacks, the mastery of science, the peacetime borrowing record, the “whatever it takes” mentality that took hold. reduces the Chancellor of the Treasury to the one who simply writes the checks. Forget about the freeze on personal allowances and the steep rise in corporate taxes, both of which are post-dated. The package announced by the Chancellor will inject £ 65 billion into the economy. It was a gift package – and a big one at that.

There was an extension of the leave until the end of September. 600,000 additional self-employed workers will receive subsidies to cover the loss of income. The business rate vacations will continue, while the hospitality, leisure and tourism industries will continue to pay a lower VAT rate for another year. This measure alone costs the Treasury …


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