The Budget also coincided with the publication of the government’s new ‘Build Back Better: our plan for growth strategy’.
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The key points of the Budget impacting the property and specialist finance markets included:
- a new mortgage guarantee scheme which will enable UK homebuyers to secure a mortgage of up to £600,000 with a 5% deposit
- an extension to the stamp duty land tax holiday — the current £500,000 SDLT holiday will remain until 30th June, after which the nil band rate will be tapered to £250,000 until 30th September
- a new Recovery Loans Scheme to replaces the BBL and CBIL schemes, where businesses can apply for loans from £250,000 up to £10m through to the end of this year, with the government providing lenders an 80% guarantee
- extending the furlough scheme until the end of September
- plans for at least £15bn of green gilt issuance in the coming financial year, to help finance critical projects to tackle climate change and other environmental challenges, fund important infrastructure investment, and create green jobs across the UK
- a new UK Infrastructure Bank set to boost investment to accelerate progress to net zero.