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.
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Jeremy Hunt announced his second fiscal statement and first Budget since becoming Chancellor against a backdrop of fragile public finances, an ongoing cost of living crisis, and increased Government borrowing.
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Hunting for growth
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Straight out the gate: Kwarteng's not-so-mini Budget.
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Spring loaded: crisis solutions or half-measures?
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Chancellor Rishi Sunak resisted temptation to raise taxes to start paying for the emergency support schemes that kept so many businesses afloat during the pandemic in 2020/21. Instead, Sunak continues to bask in the warm glow reserved for generous chancellors following his latest Autumn Budget speech, thanks largely to cutting the Universal Credit taper rate by 8%, bringing it down from 63% to 55%, from 1 December 2021 at the latest.
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“Getting it done” is the soundbite Chancellor Rishi Sunak clearly wanted us to take away from his debut Budget speech, but “giving it away” might be more accurate. The Government's substantial majority gave Sunak carte blanche to overhaul taxes but, in the end, there were relatively few substantial changes.
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Once again, Chancellor Philip Hammond has demonstrated his commitment to the principle of the Spring Statement as a low-key event, at least in terms of tax and public spending announcements.
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How will it affect you? Take a look at our video to find out.
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Take a look at our video and see Philip Hammond audition as a stand up comic. He did quite well we think!
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Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year. There was no red briefcase, no red book, and no tax changes as the chancellor announced updated economic forecasts in a speech lasting less than half the length of any of his previous statements.
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Please take a look at our video on the 2017 Autumn Budget – not exactly The Grand Tour, even though it was starring Hammond & May, having a go at poor Jeremy.
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Chancellor Philip Hammond said he’d take a “balanced approach” to his second Budget of 2017. Once again the speech was light on headline-grabbing inance changes and there were no ‘giveaways’ or major surprises. Instead, the chancellor focussed on measures to prepare the economy for post-Brexit life.
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Download the Jacobs Allen Autumn Statement Report for 2016. The first major economic statement since the EU referendum focused on measures to “prepare our economy to be resilient as we exit the EU ”.
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Pitched as a "Budget that puts the next generation first", George Osborne’s speech contained a number of announcements aimed at helping people save for the future. For businesses, measures included changes to business rates and the abolition of class 2 national insurance contributions for the self-employed. And, as we’ve come to expect from such occasions, there were a few surprises too. The following report summarises the announcements made by Chancellor George Osborne during the Budget 2016 on 16 March 2016.
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Read the latest guide from Jacobs Allen for year-end tax 2015/16 and see how it could benefit you.
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No one quite knew what to expect in the first budget by a majority Conservative government for almost 20 years. In his seventh Budget Statement as chancellor, George Osborne promised a ‘big budget for a country with big ambitions’. As predicted there were details on how the government will full its pre-election goals of reducing welfare spending by £12 billion and changing the inheritance tax nil-rate band structure.
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Download The Autumn Statement Report for 2015. George Osborne’s third economic statement of 2015 (and the fourth within 365 days) lacked the big surprises and headline grabbing announcements we’ve recently come to expect from these occasions
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