When we approached Budget Day last Autumn, we knew it was one of the most highly anticipated budget announcements in a generation.
Now, with the war in Ukraine and the ongoing rises in the cost of living, the Spring Statement was arguably even more anticipated.
Chancellor Rishi Sunak delivered his Spring Statement, setting out how he plans to create a ‘stronger, more secure economy for the United Kingdom’.
Whilst not a budget, The Spring Statement was a tremendous opportunity for the Chancellor to step outside the shadows and present some real thought leadership, as the UK economy comes under the unique pressures of stag-flation, lower economic growth and exponential increases in the cost of living.
Sunak began his speech by paying tribute to soldiers in the Ukrainian army and believing that the UK economy will grow by 3.8% this year. He explained how the UK has a moral responsibility to use its economic strength to help Ukraine, but that the Government will support the British people as it has for the past two years.
Much of the detail announced centred on the publication of a Tax Plan which sets out the Chancellor’s plans for supporting families and those on lower incomes whilst also assisting businesses in continuing to grow and managing their investment plans.
Click here to read what has been announced.
If you have any questions regarding your business, or you’re concerned about how these changes may affect you, our dedicated team at BHP can provide assistance and advice.
