• Budget Day started with an announcement by the Bank of England that the base interest rate will reduce from 0.75% to 0.25%.
  • Income Tax allowances and thresholds remain unchanged.
  • The ISA allowance remains at £20,000 but the Junior ISA contribution limit rises to £9,000.
  • Pension Annual Allowance remains at £40,000 but tapering does not begin until threshold incomes are above £200,000.
  • The National Insurance primary threshold limit rises to £9,500.
  • The CGT annual exemption rises to £12,300.
  • There is a reduction in the allowance for entrepreneur’s relief from £10 million to £1 million.
  • Fuel duty and duty on alcoholic drinks has been frozen.
  • Changes to sick pay were introduced designed to help those with Coronavirus (COVID-19) or symptoms that keep them off work.
  • Business Rates have been removed for the next financial year for the majority of small businesses.

For further details please click on the following link to: Technical Connections Budget Analysis – Spring 2020

Budget Headlines – Spring 2020

Last Week in the Markets

 12 - 16 October 2020
Index Close Week’s Change 52 - Wk High 52 - Wk Low
FTSE
100
 5,920 -1.43% 7,690 4,899
Dow Jones
(US)

28,606

-0.23% 29,569 18,214
Nikkei
225

23,411

-0.76% 24,116 16,358
DAX  12,909 -1.35% 13,795 8,256

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