Chancellor, Jeremy Hunt, made his Spring Statement in the House of Commons this week.
Setting out the government’s tax and spending plans for the year ahead, and likely the last before a general election, the Chancellor delivered a “budget for long term growth” – a succession from the autumn fiscal statement.
Hunt outlined the economy’s expected growth rate to be 0.8% this year and 1.9% in 2025, a stronger position than expected by the Office for Budget Responsibility (OBR). Alongside the confirmed cut in national insurance contribution come April, a cut in the higher rate of Capital Gains Tax on residential property disposals, the creation of a new ISA allowance to encourage investment in UK businesses, raising the threshold for VAT registration to £90,000 and there’s intention to extend Full Expensing to leased assets. However, there was acknowledgment that interest rates will remain high to allow inflation to fall below the government’s target in just a few months time.
Read the full spring budget report below and keep an eye on our channels for expert guidance on what both people and businesses can be doing to capitalise on the statement contents.
