Budget 2020: the extraordinary measures that could affect your finances

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Sunak has assured us that the government will do “everything we can to keep us healthy and financially secure” and he has certainly splashed the cash, borrowing huge amounts in today’s ultra-low interest rate environment to pay for a raft of measures from emergency sick pay to affordable housing. “If people fall ill or can’t work, we must support their finances.” The PM had hinted in PMQs just moments earlier that the chancellor would announce sick pay support for all, including the almost 5 million self-employed facing the prospect of either working and earning, or self-isolating and losing money during the Covid-19 crisis. Meanwhile, the announcements earlier this week that the UK’s major lenders would be easing up the rules around mortgage repayments and charges for those hit, economically at least, by Covid-19, may well have a greater impact on personal cash flow than the emergency interest rate cut to just 0.25 per cent revealed hours before today’s Budget. “This means that rates offered by NS&I are likely to become less competitive, meaning that the series of rate cuts savers have already been subjected to are likely to continue next year.” Small businesses Entrepreneurs’ relief, created to incentivise start-ups with tax relief on capital gains, was targeted in the Budget as expected, but with the lifetime limit reduced from £10m to £1m instead of abolished all together.