Budget 2021

Editor News

Last week, we heard the details of the Budget, announced by the Chancellor.  You can read the full document here and access all the key information here​.

We welcome the £300 million support for culture, arts and heritage through the Culture Recovery Fund, £90m funding for museums, the continuation of the VAT Cut for Tourism and Hospitality and the extension of the furlough scheme and self-employment scheme until September. 

We have produced a summary, in which we have drawn out the key points for heritage and included details of other funds that are currently available. We await further information on how the £300m will be divided up for the sector.

In short, the key details include:

  • A specific package of £90million for National Museums and cultural bodies and a £300million Culture Recovery Fund. [The heritage split is yet to be confirmed]
  • The Job Retention Scheme (furlough) will be extended until the end of September (and the government will introduce an employer contribution
    towards the cost of unworked hours of 10% in July and 20% after that)
  • Further support through the Self Employment Income Support Scheme (depending on turnover, with a fifth grant confirmed from July)
  • A further 100% relief from business rates
  • The VAT rate for tourism and hospitality will be kept down to 5% until 30
  • Restart Grants for non-essential retail (up to £6,000 per premises) and for hospitality, accommodation and leisure businesses (up to £18,000)
  • An additional £425 million of discretionary business grant funding, on top of
    the £1.6 billion already allocated
  • Recovery Loan Scheme (open to all businesses, will provide lenders with a guarantee of 80% on eligible loans between £25,000 and £10 million)

See further details about new funding below and in our summary.