Today the Chancellor Rishi Sunak gave his second budget of the year. In advance of our detailed budget guidance tomorrow here are the headlines from his speech:

• An end to public sector pay freeze
• Increase in National living wage to £9.50/hour
• Inflation expected to hit 4% average next year
• Growth forecast up from 4% to 6.5% in 2021 and 6% in 2022
• Unemployment estimated at 5.2% next year lower than original forecast of 11.9%
• Borrowing forecast to fall from 7.9% to 3.3% of GDP next year, then to 1.5% in 5 years
• 5 Fiscal Rules for public finances
• Creative Tax Reliefs doubled to April 2023
• 4% Levy on property developers with profits over £25m to provide fund to tackle unsafe cladding
• R&D Tax Relief to be extended to new areas and more focussed on UK activities
• Reduction of Air Passenger Duty for Internal UK flights from April 2023, and new higher ultra long haul band introduced
• Annual Investment Allowance of £1m for capital equipment extended to March 2023
• Business Rates will be retained but with more frequent revaluations and new reliefs
• Increase in Business Rates multiplier next year to be cancelled
• 50% Business Rates Discount for Retail, Hospitality & Leisure Sectors for 1 year only (2022/23) but capped at £110,000
• Consultation on an online Sales tax
• Reform of alcohol duties, including relief for draught beers aimed at pubs
• Planned increase on fuel duty cancelled
• Universal Credit Taper Rate reduced from 63% to 55% (by 1 December)