On the 23rd March, Chancellor Rishi Sunak delivered his ‘Spring Statement’.
His speech lasted 25 minutes and was a robust affair with heckling and cheers across the chamber- but on closer examination of the rhetoric and the details that have been released, the overall impression is that the Chancellor has given little.
The most significant measure was the drop in income tax, however this is only due to take effect next year and will be more than offset by the increase in the NIC rate for those earning over the NIC threshold.
For business there was scant relief for the significant pressures that they will be facing in the coming weeks and months.
Our team has reviewed the key topics and summarised them in our 2022 Budget Report which we are pleased to attach below.
Should you have any queries about how any of this will impact you, or your business, then please do not hesitate to contact either our Head of Tax and Partner, Lisa Wilson, or your usual Relationship Partner.
Disclaimer
The information was correct at time of publishing but may now be out of date.
