The Taskforce will consist of world-leading experts from across government and industry to fast-track the adoption of modern methods of construction. 2 GDP monthly estimate, UK: December 2020, ONS, 2021. Charity Registration No: 1079626. From 1 October 2020, any Self-Assessment taxpayer with taxes due in January could benefit from the new offer, which allows them to set up an instalment payment arrangement for up to 12 months to pay their Self-Assessment tax liabilities up to 30,000. Building on the 16.8 billion upfront Barnett guarantee for this year, the government announced a further 2.1 billion in February 2021 that the devolved administrations can spend this year or next year. 2021 NCVO (The National Council for Voluntary Organisations), Everyday support from texts and email alerts. [footnote 42] Underlying debt (public sector net debt excluding the Bank of England) is 93.8% of GDP in 2021-22. To apply you must be a UK resident aged 18 or over and maintain a business bank account in the same legal entity name with Royal Bank of Scotland. Security may be required. 2 The annual average real growth rates (AARG) exclude DEL COVID-19 expenditure. A helpful reference of acronyms and words used in our reports, View our latest disclosures on Environmental, Social & Governance issues, In addition to these reports above, find subsidiary company announcements, quarterly disclosures and historic results. First, because they often rely on estimates of the output gap which is unobservable and difficult to assess at present. In addition to UK-wide policies which apply in Wales, the Budget announces the following: Holyhead hydrogen hub The government will provide, subject to business case, 4.8m in 2021-22 to support the development of a green hydrogen demonstration project, which will create high-skilled green jobs in Anglesey. Statutory Sick Pay (SSP) Rebate Scheme The SSP rebate scheme was announced in March 2020 to reimburse employers with fewer than 250 employees for up to 2 weeks of COVID-19 related SSP per employee across the UK. The borrower does not have to make any repayments for the first twelve months, with the government covering the first twelve months interest payments. As with GDP, the ONS has acknowledged the challenges of accurately measuring unemployment during the pandemic, which may affect comparability. Mobility data published by Google, which measures the amount of time people spend in different types of locations relative to normal, provides another way to assess the short-term impacts of restrictions. Unincorporated businesses and companies that are not members of a corporate group will be able to obtain relief for up to 2 million of losses in each of 2020-21 and 2021-22, Companies that are members of a corporate group will be able to obtain relief for up to 200,000 of losses in each of 2020-21 and 2021-22 without any group limitations, Companies that are members of a corporate group will be able to obtain relief for up to 2 million of losses in each of 2020-21 and 2021-22, but subject to a 2 million cap across the group as a whole. Royal Bank of Scotland; Ulster Bank; Coutts; Drummonds; Holt's; Isle of Man Bank; Lombard; RBS International; FreeAgent; Working at NatWest Group. The government will introduce a new approach to interest charges and repayment interest to align VAT with other tax regimes. Analysis by the Institute for Fiscal Studies (IFS) found that hours worked among all parents halved in May 2020 compared to 2014-15, in part driven by increased childcare responsibilities. Smith College was also a report sponsor for the GEM 2020/21 Women's Entrepreneurship Report launched in November 2021. The government has provided unprecedented support to the devolved administrations to facilitate their response to COVID-19, in addition to UK-wide measures. WebSearch the register of charities. , Based on HMT analysis of the OBRs Public Finances Databank, which is described in Budget 2021 data sources. [footnote 109], By the end of March 2021, the government expects to have paid out up to 20 billion of business grants over the financial year. Freedom to work and live between the UK and the EU also comes to an end, and in 2021, UK nationals will need a visa if they want to stay in the EU more than 90 days in a 180-day period. Copyright Royal Bank of Scotland plc document.write(new Date().getFullYear()); . (a,b) This indicates that fiscal policy has provided significant support to the level of GDP, particularly in 2020-21 and 2021-22 where the stance remains more supportive than at any time during the global financial crisis. An overview of our business, our 2021 financial and non-financial performance, A detailed review of our corporate governance and remuneration Risk and capital management report A detailed overview of the management of key risks relating to our business operations. The government will improve provision and expand eligibility for traineeships to those with Level 3 qualifications and below, to ensure that more young people have access to high quality training. Tackling DWP fraud and error The government will provide further investment to improve DWPs capacity and capability to tackle welfare fraud and error. TME as a share of the economy is expected to increase from 39% in 2018-19 to a peak of 54% in 2020-21, then returns to 42% in 2022-23 where it remains until the end of the forecast period. They will also be crucial to supporting the governments vision for a Global Britain, and contributing to the transition towards a net zero society. Set monthly and single transaction limits and merchant blocking restrictions. Chart 1.9 shows the path of total DEL spending from 2010-11 to 2025-26, divided into core allocations and provision for COVID-19. We have 19 fully accessible conference and meeting rooms for hire Further details of policies confirmed in the Budget are provided in Chapter 2. Rough sleepers support The government provided an additional 221 million to support rough sleepers and those at risk of homelessness through the pandemic in 2020-21 and a further 254 million in 2021-22, including 103 million announced last year for accommodation and substance misuse. Relatedly, all else equal, this also reduces the governments exposure to interest rate risk in the near term. Statutory Sick Pay (SSP) Rebate Scheme Small and medium-sized employers across the UK will continue to be able to reclaim up to two weeks of eligible SSP costs per employee. , Lord Hills review on UK listings, UK Government, March 2021. At SR20 the government announced 100 billion of capital investment in 2021-22, a 30 billion cash increase compared to 2019-20. , 407 billion is the sum of 2020-21 and 2021-22 figures for row Total in Table 1.2. This will ensure that these businesses are no worse off from a tax perspective than if they had paid the business rates in the first place. 2020 issues Employers who hire a new apprentice between 1 April 2021 and 30 September 2021 will receive 3,000 per new hire, compared with 1,500 per new apprentice hire (or 2,000 for those aged 24 and under) under the previous scheme. The measures in the Budget, particularly the CJRS extension, provide further support to the labour market and the wider economy. We champion potential; breaking down barriers and building financial confidence. The green gilt framework, to be published in June 2021, will detail the types of expenditures that will be financed to help meet the governments environmental objectives. WebThe Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. [footnote 127], The Hardship Fund - The government put in place a 500 million Hardship Fund to enable local authorities in England to provide an additional discount to the Council Tax bills of working age local council tax support claimants in 2020-21. This is also necessary given the risks from high debt and will build fiscal resilience, allowing the government to provide support to households and the economy when it is needed most. WebFull Annual report Our 2021 reporting suite brings together NatWest Groups financial, non-financial and risk performance for the year. This takes total resource funding for rough sleeping and homelessness in 2021-22 in England to 676 million. VAT deferral In July 2020, the government announced that UK VAT-registered businesses did not need to pay any VAT due with VAT returns from 20 March through to the end of June 2020 before the end of March 2021. Cambridge Core is the new academic platform from Cambridge University Press, replacing our previous platforms; Cambridge Journals Online (CJO), Cambridge Books Online (CBO), University Publishing Online (UPO), Cambridge [footnote 65] Alongside Budget the government is publishing a summary of responses to last years consultation and setting out next steps on these tax changes. First, restrictions often remained in place longer in the UK than elsewhere. Income tax exemptions for COVID-19 tests and home office expenses The government will extend the income tax exemption and NICs disregard for COVID-19 antigen tests provided by, or reimbursed by, employers and for employer reimbursed expenses covering the cost of home office equipment, to the 2021-22 tax year. The lists do not show all contributions to every state ballot measure, or each independent expenditure committee Annual fees may apply. This, combined with other measures announced at Budget and those announced since the OBRs November forecast, are expected to boost GDP by around 0.75% in the spring and summer of 2021. A 1 percentage point increase in short rates would now increase debt interest spending by 11.9 billion in the final year of the forecast, assuming the APF remains at its current target level. The Budget also increases support for traineeships for young people and payments for employers who hire new apprenticeships to further help those looking for work. Useful cheque and paying in books. For example, 45% of firms in the accommodation and food services sector reported that they were open in November, compared to 18% in early April, possibly reflecting adaptation to the way they deliver their services, such as by offering takeaway services. Offshore wind ports infrastructure The government will make an offer of support, in principle, to the Able Marine Energy Park on Humberside following the conclusion of the competition to upgrade ports infrastructure for the next generation of offshore wind. Recovery Loan Scheme From 6 April 2021 the Recovery Loan Scheme will provide lenders with a guarantee of 80% on eligible loans between 25,000 and 10 million to give them confidence in continuing to provide finance to UK businesses. These measures have helped to reduce the number of insolvencies, which were 27% lower in 2020 compared to 2019. It is currently anticipated that net issuance of Treasury bills for debt management purposes in 2021-22 will be 1.8 billion. 5 million in funding for 28 licensed zoos and aquariums to support them with the costs of animal care and essential maintenance in England. This will apply for repayments made to the devolved administrations as well as to those made in relation to England. The Global Centre for Rail Excellence would support innovation in the UKs rail industry, including the testing of cutting-edge, green technology. Investing companies will also benefit from a 50% first-year allowance for qualifying special rate (including long life) assets. As highlighted by the OBR, this support has cushioned the blow to employment, consumption and business finances that would otherwise have resulted from the pandemic in the short term, while in the medium term, the governments action will have reduced unnecessary job losses and business failures, thus limiting any persistent scarring of the economys supply capacity and future tax base. Get up to 1.5 million cover per year against employee card misuse. 5 The Reserves line includes funding for the COVID-19 response, as well as funding for priorities such as the Levelling Up Fund which will be allocated in due course. This is a fair and progressive way to fund excellent public services and gives people and businesses certainty for the coming years. It will take only 2 minutes to fill in. Everyday support from texts and email alerts. [footnote 71] These investments will be crucial to levelling up every part of the UK, creating a net-zero society, and supporting our vision for Global Britain. After more than twenty years, Questia is discontinuing operations as of Monday, December 21, 2020. - 15.9% proforma Funding for property development or investment. WebYou may have arrived at this page because you followed a link to one of our old platforms that cannot be redirected. Aggregates Levy The government will freeze the Aggregates Levy rate for 2021-22 but intends to return to index-linking in future. , Details of the sources of numerical references, including National Statistics, used in this section can be found in Budget 2021 data sources. The inheritance tax thresholds, the pensions Lifetime Allowance and the Annual Exempt Amount for Capital Gains Tax will be maintained at their existing levels until April 2026. Annual growth is expected to be 4% in 2021. Green retail National Savings and Investment (NS&I) product The government will offer a green retail savings product through NS&I in the summer of 2021. 1. Useful cheque and paying in books. Everyday support from texts and email alerts. In the face of this threat, the government acted swiftly to provide support to protect businesses, individuals and public services across the UK, adapting its economic response as the pandemic evolved. Product fees may apply. 2 Includes households and non-profit institutions serving households. The regression is estimated using a year of data from 15 February 2020 to 15 February 2021. The fairest route to achieve this is for the highest-earning households to contribute more and for businesses to contribute in recognition of the government support for the economy during the pandemic. We offer a range of options to finance with Lombard, our asset finance provider. The governments action to repair the public finances will be supported by new steps to tackle tax avoidance and evasion that will raise 2.2 billion between now and 2025-26. Between March and December 2020, the government announced over 280 billion[footnote 96] of economic support that strengthened public services and protected businesses and individuals in every part of the UK from the worst effects of the pandemic and the restrictions introduced to limit the spread of the virus. Further detail and explanation can be found in the OBRs report. The Budget continues to help businesses which have been most affected by the pandemic, through business rates reliefs; UK-wide VAT reductions for tourism and hospitality; a UK-wide VAT deferral scheme; a new UK-wide loan guarantee scheme supporting businesses access to loans and overdrafts; and Restart Grants in England of up to 6,000 per premises for non-essential retail businesses and up to 18,000 per premises for hospitality and other sectors that are opening later; and an additional 425 million of discretionary business grant funding for local authorities to distribute. Support in the Budget reflects the easing of restrictions to enable the private sector to bounce back as quickly as possible. Helping people, families and businesses thrive. The change will have effect from Royal Assent of Finance Bill 2021. COVID Corporate Financing Facility (CCFF) CCFF has provided over 34 billion of support to some of the UKs largest firms with short-term cash-flow problems since March 2020, directly supporting businesses responsible for almost 2.5 million jobs in the UK. Dastur & Company Limited. The debt management objective, as set out in the Debt management report 2021-22, is, to minimise, over the long term, the costs of meeting the governments financing needs, taking into account risk, while ensuring that debt management policy is consistent with the aims of monetary policy.. 1 2019-20 final PESA outturn, adjusted for 2.2 billion of COVID-19 spend. Armed Forces charities The government will provide up to 475,000 to Armed Forces charities in 2021-22 to support the development of a digital and data strategy for the sector. Any property or asset used as security may be repossessed or forfeited if you do not keep up repayments on any debt secured on it. This measure is used in the financing arithmetic as it reflects the forecast cash requirement of the Exchequer. Continuing the freeze on alcohol duty will benefit the spirits sector by avoiding an increase of 30p on a 70cl bottle of spirits, while the freeze to fuel duty will support hard-working people across the UK, particularly in more rural communities. These schemes will better protect over 3,700 homes from flooding. Our ambition is to help all our customers, colleagues, communities, shareholders and suppliers to thrive. Chart 1.8 shows the path of PSNI as a percentage of GDP from 1979-80 to 2025-26. In January, the government increased the funding for this scheme by 500 million taking the total to 1.6 billion across England. As measures to prevent further spread of the virus evolved, government responded with adapted support. Her reign of 70 years and 214 days was the 6 Including the National Insurance Upper Earnings Limit and Upper Profits Limit, which will remain aligned to the higher rate threshold at 50,270 for these years. We are committed to having a motivated and inclusive workforce who are engaged and passionate about serving customers. 2 Central government net cash requirement (excluding NRAM ltd, Bradford & Bingley and Network Rail). 17 November, 2022, Read the essential source of insight on the voluntary sector, Government policy and funding round-up: December 2022, Five ways to support your staff during the cost of living crisis, Call for continuing energy bill support for voluntary organisations, Two appointments to NCVOs board of trustees and three key ambitions for the future, Five reasons why understanding the law helps build safer organisations, Governments economic plans will widen inequalities in communities. Lacking these counterfactuals, estimates of the economic impact of specific restrictions are subject to wide uncertainty and are inevitably only partial. As of December 2020, there were 1.5 million households receiving tax credits and eligible to benefit from the 20 uplift. As of 17 January 2021, the Local Restrictions Support Grant (Closed) had provided 573 million worth of grants. We adhere to theStandards of Lending Practicewhich are monitored and enforced by the LSB. WebQuality Enhancement and Standards Review (Scotland) Higher Education Review and Annual Monitoring; Enhancement-Led Institutional Review (Scotland) Degree awarding powers and university title. charities, social enterprises, community groups and organisations. Check out our credit scoring guide(PDF, 164KB). The project was launched in June 2020, with a video featuring the then Prince of Wales Charles released to mark its launch. WebWNBA star Brittney Griner was released from Russian detention in a prisoner swap for convicted Russian arms dealer Viktor Bout. WebKnihkupectv Wales je nejstar knihkupectv zamen na sci-fi a fantasy knihy. [footnote 45] Bank Rate is paid on these reserves, increasing sensitivity to short rates. In 2020-21, the government provided over 100 billion of support across the UK, and at SR20 the government announced a further 55 billion to support the public services response to COVID-19 in 2021-22, including 2.6 billion for the devolved administrations. Our team stays on top of the key issues affecting charities and News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports. Payments for employers who hire new apprentices[footnote 58] The government will extend and increase the payments made to employers in England who hire new apprentices. Inheritance tax nil-rate band and residence nil-rate band The inheritance tax nil-rate bands will remain at existing levels until April 2026. We have set out our commitments around how we will support UK SMEs, following the publication of the UK Governments SME Finance Charter. It enables us to build long-term value, to invest for growth, to make a positive contribution to society and to drive sustainable returns for shareholders. In line with this, the OBR forecasts that GDP will fall by 3.8% in the first quarter of 2021. The OBRs March 2021 forecast sets out how the economy is expected to evolve based on the governments roadmap for easing public health restrictions. A 1 percentage point increase in gilt rates would increase debt interest spending by 8.9 billion in the final year of the forecast. This provided the devolved administrations with upfront funding certainty, enabling them to plan how and when to provide support in relation to COVID-19 in 2020-21. Security may be required. However, increased borrowing leaves the public finances more vulnerable to future shocks. Product fees may apply. Management practices and productivity in British production and services industries - initial results from the Management and Expectations Survey, https://www.gov.uk/government/publications/build-back-better-our-plan-for-growth Build Back Better: our plan for growth, HM Treasury, March 2021, Small businesses and productivity: Fifteenth Report of Session 2017-19, November 2020 OBR Economic and Fiscal Outlook, 2020 Article IV consultationpress release; staff report; staff supplement; and statement by the Executive Director for the United Kingdom, https://www.gov.uk/government/statistics/coronavirus-job-retention-scheme-statistics-february-2021/coronavirus-job-retention-scheme-statistics-february-2021, https://www.gov.uk/government/statistics/self-employment-income-support-scheme-statistics-february-2021, Retail, Hospitality and Leisure Grant Fund and Small Business Grant Fund, Billion pound Covid catch-up plan to tackle impact of lost teaching time, New education recovery package for children and young people, https://www.gov.uk/government/statistics/air-passenger-duty-bulletin/air-passenger-duty-statistics-commentary, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/899174/Consultation_on_reforms_to_the_tax_treatment_of_red_diesel_and_other_rebated_fuels.pdf, https://www.oecd.org/tax/exchange-of-tax-information/model-rules-for-reporting-by-platform-operators-with-respect-to-sellers-in-the-sharing-and-gig-economy.pdf, https://www.oecd.org/tax/exchange-of-tax-information/model-mandatory-disclosure-rules-for-crs-avoidance-arrangements-and-opaque-offshore-structures.pdf, https://www.gov.uk/government/news/uk-government-signs-agreement-for-250m-investment-in-the-north-west. Table 1.5 shows the impact of Budget measures on public sector net borrowing which falls across the forecast period to 2.8% of GDP in 2025-26. Investment is a significant part of the governments economic and fiscal strategy. (b) The level of nominal UK GDP in Q4 2020 was 2.1% lower than at the start of the pandemic, broadly in line with other advanced economies (Chart 1.1). Following the outbreak of COVID-19 and to help reduce the cost of access to electronic publications when many people have been confined to their homes and schools closed, the government legislated to bring forward the implementation date to 1 May 2020. Royal Bank of Scotland Social & Community Capital is a trading name of NatWest Social & Community Capital Registered in England No: 03901460, Registered office: 250 Bishopsgate, London EC2M 4AA. The Budget confirms allocations within this funding, supporting priorities including vaccine deployment and funding for schools to help children catch up on lost learning. 4 HM Treasury 2019-20 outturn includes funding for the Digital Infrastructure Investment Fund and Charging Infrastructure Investment Fund which has been reclassified into AME. [footnote 111] Had the government not moved swiftly to support the market, it is estimated up to 50 billion of crucial cover on around 155,000 business would have been at risk. She was queen regnant of 32 sovereign states during her lifetime, and was head of state of 15 realms at the time of her death. OECD reporting rules for digital platforms The government will consult on the implementation of OECD rules[footnote 67] that will require digital platforms to send information about the income of their sellers to both HMRC and the seller themselves. Security may be required. Eligibility criteria apply, and security may be required. On Monday 22 February, the government announced a further 400 million funding in England for the Contain Outbreak Management Fund (. The service opened on 23 February 2021 and will close on 21 June 2021. More details can be found on our Standards of Lending Practice forBusiness Customerspage. The OBR estimates that the sensitivity to changes in RPI inflation is broadly similar. This is part of the governments plans to spend over 600 billion in gross public investment over the next five years. Alongside contributions from the Welsh Government and the private sector, this would create a world class train testing facility on a former coal-mining site. The cost of living crisis will affect every charity whatever their size or cause. WebReport a problem with this page Help us improve GOV.UK Dont include personal or financial information like your National Insurance number or credit card details. Businesses can join the service online without needing to contact HMRC. Trade Credit Reinsurance scheme The Trade Credit Reinsurance scheme has successfully maintained the vast majority of trade credit insurance coverage across the market throughout the pandemic, across the whole of the UK. The stability that comes from ensuring the public finances are on a sustainable path will support economic recovery across the UK. High value courses for school and college leavers The government made available 101 million for the 2020-21 academic year to give all 18-19-year olds in England the opportunity to study targeted high value Level 2 and 3 courses when there are not employment opportunities available to them. Latest News. WebSearch for stocks and share prices, company fundamentals, news and trading information for all instruments traded on the London Stock Exchange's markets via Company, Code, ISIN, Carket, Instrument type, Sector and Admission date The stability and certainty that come from ensuring the public finances are on a sustainable path will support economic recovery across the UK. [footnote 17] On average, tier 1 restrictions reduced time spent in recreation and retail settings by 15% compared to normal (Chart 1.2). As the OBR stated in March 2020, the large planned increase in public investment should boost potential output too eventually by around 2.5 per cent if the increases in general government investment as a share of GDP in the Budget were to be sustained indefinitely[footnote 32]. From 1 July 2021, the Nil Rate Band will reduce to 250,000 until 30 September 2021 before returning to 125,000 on 1 October 2021. The Budget takes steps towards this by maintaining certain personal tax allowances and thresholds until the end of the forecast period. This means that LISA investors can withdraw their money for any reason over this period, only losing the government bonus earned on the amount they withdraw. The government is launching the new Recovery Loan Scheme, open to all UK businesses. The virus and the restrictions put in place by the government and devolved administrations saw the UK enter its first recession in 11 years in the second quarter of 2020. [footnote 104] Applications closed on 31 December 2020 for this scheme, and CCFF closes to new issuance from 23 March 2021, with all commercial paper due to mature by March 2022. As explained in Box 1.C fiscal policy remains supportive across the forecast. [footnote 107]. The government is also launching Future Fund: Breakthrough to support the scale up of the most innovative, R&D-intensive businesses. Got an Android phone? [footnote 24]. Chart 1.10, shows the change in government spending as a share of GDP over time. The significant support for individuals, businesses and public services set out at Spending Review 2020[footnote 4] (SR20) and the Budget totals 352 billion across this year and next year. WebPrince Andrew, Duke of York, KG, GCVO, CD (Andrew Albert Christian Edward; born 19 February 1960) is a member of the British royal family.He is the younger brother of King Charles III and the third child and second son of Queen Elizabeth II and Prince Philip, Duke of Edinburgh.Andrew is eighth in the line of succession to the British throne, and the first WebQuestia. All assessments of eligibility for lending are done on the basis of the credit history of the individual, business owners or directors. The challenges faced by the UK over the past twelve months have been substantial, and the period since the beginning of the year has been the most difficult yet. Complaints and appeals ; QAA Review Findings Directory How are mothers and fathers balancing work and family under lockdown? Comparing real measures excluding government spending reveals that consumer spending has fallen by more in the UK than other major advanced economies. This is on top of their existing arrangements to transfer funding between years and is not included in the above figures for 2021-22. Climate Action Plan. The unemployment rate for ethnic minorities increased from 5.8% in the three months to December 2019 to 9.5% in the three months to December 2020. Those decisions are announced before the start of the forthcoming financial year and can be updated during the year. The government initially guaranteed an additional 12.7 billion on 24 July. Annual fees may apply. The sectors hardest hit by COVID-19 restrictions have also benefited from targeted VAT cuts, financial support packages and recovery funds. History. Up to 190 billion of cover on around half a million businesses has been provided under the scheme. UK labour market outcomes compare favourably to international peers. Flood schemes The 5.2 billion flood and coastal defence programme for England announced at Budget 2020 will start in April this year, with schemes in Waltham Abbey, Sunderland, Preston, Warrington, Salisbury, Rotherham and Doncaster expected to start construction in 2021-22. The fiscal impulse shows how the stance changes over time, or how fiscal policy is contributing directly to GDP growth. In line with the increase in the main rate, the Diverted Profits Tax rate will rise to 31% from April 2023 so that it remains an effective deterrent against diverting profits out of the UK. [footnote 19]. The FCA guidance was subsequently updated in November 2020, extending the application window to 31 March 2021. Low and stable inflation is an essential pre-requisite for economic growth, as it provides certainty for households and businesses and helps them make day-to-day economic decisions. Future funding figures will then be confirmed every four years after that following an assessment of need. The Budget contains a range of measures designed to support this vision. National Insurance contributions (NICs) thresholds As previously announced, and legislated for in February 2021, in 2021-22 NICs thresholds will rise with CPI, bringing the NICs Primary Threshold/Lower Profits Limit to 9,568 and the Upper Earnings Limit (UEL)/Upper Profits Limit (UPL) to 50,270, in line with the income tax HRT. This guarantee was increased three times to reflect the changing situation: to 14.0 billion on 9 October; 16.0 billion on 5 November; and 16.8 billion on 24 December. Further support provided at the Budget reflects the roadmap set out in the governments publication COVID-19 Response Spring 2021,[footnote 25] and provides the devolved administrations with funding to deliver their own tailored responses, ensuring that as restrictions ease the economy is gradually and safely reopened. 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