The budget – according to the Government

At the same time the Chancellor was speaking in the Commons, a resume was announced.  It can be seen here.

the Chancellor’s speech can be found here.

Other documents published alongside the Spring Budget today can be found here.

The budget announcements seem to be focused on several key areas aimed at boosting the economy, supporting workers, investing in public services, and promoting growth in various sectors. Here’s a summary:

  1. Tax Cuts: The budget includes significant tax cuts for workers, with reductions in Employee National Insurance and Class 4 NICs for the self-employed. Personal tax cuts since Autumn amount to £20 billion, reducing the effective personal tax rate for many to its lowest level since 1975. The changes aim to increase the take-home pay for workers and encourage more people to enter the workforce.
  2. Support for Families: The budget introduces changes to the High Income Child Benefit Charge, moving towards a household-based assessment by April 2026. The threshold for repaying Child Benefit will increase, benefiting around half a million working families. These measures aim to provide targeted support to families and address disparities in the current system.
  3. Investment in Public Services: The NHS receives a significant funding boost, with additional funding for day-to-day operations and capital investment. The budget also outlines plans to improve public sector productivity through investments in technology and infrastructure. The aim is to deliver better services and achieve productivity savings over the long term.
  4. Support for Growth Industries: The budget includes tax reliefs and investments to support growth in key industries such as the creative sector, advanced manufacturing, and life sciences. The government aims to establish the UK as a world leader in these industries, attracting investment and creating jobs.
  5. Infrastructure and Regional Development: The budget includes funding for infrastructure projects, including housing developments, nuclear energy, and improvements in towns and regions across the country. This aims to spread opportunity and support economic growth outside of major urban areas.
  6. Sustainable Public Finances: The budget aims to ensure sustainable public finances, with measures to reduce borrowing and address the tax gap. Changes to taxation, including the replacement of the ‘non-dom’ tax regime and the introduction of new duties, aim to raise additional revenue while maintaining fairness in the tax system.

Overall, the budget is aligned with the government’s goals of promoting economic growth, supporting families and workers, investing in public services, and ensuring sustainable finances for the future.

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