Key Facts

• The Budget included a one-off £100 Household Energy Payment for people in council tax bands A to D in England, funded by an extra tax on banks.
• The government extended a VAT cut on electricity bills and a freeze on fuel duty until July.
• Devon is due to get an elected mayor in 2028, while Cornwall was named as the only area on a pathway to become a Foundation Strategic Authority.
• The business rates threshold for high street shops in England will rise from £12,000 to £18,000; a Cornwall Chamber of Commerce representative estimated the change could benefit about 900 more businesses in Cornwall.
• The legal minimum wage is due to rise by 3.9% in April. A Cornwall tourism representative said businesses had cut staff because of costs.
• A Cornwall farmer said the Budget made no change to inheritance tax on farming assets worth more than £2.5 million, which face a 20% rate.
• A mortgage services executive pointed to a proposed First Time Buyer ISA, with a 25% government bonus on annual contributions of up to £4,000, and raised concerns about higher taxes for landlords.