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8 Jul 14:51

About our Spring Budget news

Latest news on Spring Budget 2024, offering extensive coverage of Chancellor Jeremy Hunt's fiscal announcements, tax updates, and economic strategies in the lead-up to the expected General Election.

Spring Budget 2024, set against the backdrop of the United Kingdom's evolving economic landscape, marks a pivotal moment for the nation's fiscal policy. As Chancellor Jeremy Hunt unveiled the budget on 6 March, he announced a range of measures aimed at boosting long-term economic growth, supporting families, and fostering investment across the country.

Addressing the cost-of-living crisis, Hunt extended the Household Support Fund for another six months, froze alcohol duty until February 2025, and maintained the 5p cut in fuel duty for a further 12 months. These measures are expected to provide relief to households grappling with inflationary pressures.

To encourage investment and job creation, the Chancellor introduced a new British ISA allowing an additional £5,000 annual investment in UK equities, reformed the capital gains tax regime for property investments, and allocated funding for initiatives such as the Cambridge Biomedical Campus and a vaccine manufacturing hub in Liverpool.

Businesses also stand to benefit from measures like the extension of the Recovery Loan Scheme, an increase in the VAT registration threshold, and the retention of generous investment allowances for the North Sea oil and gas sector.

In a landmark move to address public service productivity, Hunt unveiled a £6 billion investment in the NHS, including £3.4 billion for IT modernization and funds to reduce appointment wait times and improve patient care. Similar productivity-boosting initiatives were announced for the police, courts, and local government.

On the taxation front, the Chancellor cut employee National Insurance contributions by 2 percentage points to 8%, benefiting 27 million employees. Self-employed National Insurance contributions were also reduced to 6%, providing tax relief for millions of workers.

Stay connected to our NewsNow feed for comprehensive coverage of Spring Budget 2024, including expert analyses, sector-specific impacts, and updates on how the budget's measures will shape the UK's economic trajectory leading up to the General Election.

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