Coronavirus 
COVID-19 will cause temporary disruptions to the economy having a significant impact, but the Chancellor reassured that this would be temporary and the economy will recover. A 3 point plan is being implemented to help provide security and support for those off work including changes to Statutory Sick Pay (SSP).

• For COVID-19 cases, SSP will be paid from the first day of sickness instead of the fourth day. This is also the case for those who are self-isolating. A sick-note from calling 111 will be acceptable instead of having to visit your GP
• For employers with fewer than 250 employees, SSP costs will be refunded by the government for the first 14 days
• HMRC will be setting up a dedicated COVID-19 helpline to help those in need
• Business rates NIL for Retail, Leisure and Hospitality businesses. (Small Business Rates relief). Pubs will get discount of £5,000
• Small business grant funding, a loan is available for up to £1.2m due to "business interruption".

Business

• There were calls for Entreprenuers' relief to be scrapped as the Government believe it only benefited a small number of taxpayers. However, the UK wants to generate additional entrepreneurial activity and so will instead reduce the lifetime limit down from £10m to £1m from 11th March 2020
• Employment allowance for relief on employers national insurance will increase from £3,000 (2019/20) to £4,000 (2020/21)
• R&D expenditure credit will be increase from 12% to 13% from 1st April 2020. supporting businesses investing in R&D helping to drive innovation in the economy.
• The reduction in corporation tax down to 17% has been scrapped, and will remain at the current rate of 19%
• Off payroll working (IR35) changes will come into effect from 6th April 2020 as planned

Personal

• National Minimum and Living Wage increase to £10.50 by 2024. The NLW from April 2020 will be £8.72
• National Insurance Tax threshold increase from £8,632 to £9,500
• The personal allowance will stay the same in 2020-21 at 12,500 with the basic rate threshold also staying at £50,000

Climate 

• New tax charge on plastic packaging from April 2022. Manufacturers and importers whose products that have less than 30% recyclable material will be charged £200 per tonne

Economic Forecast

• Growth in the economy is forecast to be 1.1% in 2020 and 1.8% in 2021, with the years after this being 1.5%, 1.3% & then 1.4% in 2024
• The deficit this fiscal year (2019-20) is now forecast to be 2.1% of GDP, rising to 2.4% in 2020-21 and 2.8% in 2021-22
• Inflation is forecast to be 1.4% in 2020 & 1.8% in 2021

A Budget that 'gets it done', as the Chancellor mentioned over a dozen times. With spending for the NHS, housing and research & development, it was certainly less of an austerity Budget that we'd become accustomed to. Rishi Sunak's first Budget after being in the job for a month was to lead the UK to being 'brave & bold, taking decisions now for our future prosperity'. 

However, with no mention of IR35 and the off-payroll changes in Rishi Sunak's speech, the Red Book itself confirmed the reforms will be included in the Finance Bill 2020.