On 27 October, Chancellor of the Exchequer, Rishi Sunak, opened his red briefcase once again to deliver his latest Budget statement.
The Government had earlier in the day been criticised by the Speaker of the House of Commons for widely leaking the contents of the latest Budget in advance of the formal address to MPs.
Although this may have meant less fiscal surprises than usual, the Chancellor, nevertheless, announced a raft of changes aimed at encouraging a bounce-back of the UK economy in the wake of the Covid-19 pandemic.
Although his support for the third sector has been met with a mixed response, here are a number of key points from his statement:
- As part of the Government’s levelling up strategy – more than £2.6billion will be allocated to the Shared Prosperity Fund
- £560million will be set aside to fund youth services in England over the next three years
- 21 community projects will benefit from a £150million Community Ownership Fund
- £850million has been set aside to support museums, art galleries and local culture in England
- £11billion will be provided for Overseas Development Assistance
- An additional £458million has been earmarked for for asylum and refugee projects
If you require any further information on the latest Budget announcements and how they may affect your charity, please get in touch with us.