With the UK entering a technical recession at the end of 2023 and a general election on the cards this year, Chancellor Jeremy Hunt was under pressure to deliver a Spring Budget that demonstrated fiscal responsibility and generosity.
Dubbing the fiscal statement a ‘Budget for long-term growth”, Hunt focused his speech on delivering tax breaks, boosting investment and tackling unfairness in the UK tax system, with some of the following measures:
✂️ Cutting NI by a further 2p
💸 Increasing the VAT threshold to £90,000
🚘 Extending the fuel duty freeze
📈 Enhancing the funding for high-growth industries
Check out our full summary report for an outline of the Chancellor’s major announcements, a break down of the economic forecast from the OBR, and analysis of what the new policies could mean for you here.