06 Mar 2024
Chancellor Jeremy Hunt will present the 2024 Spring Budget today. We will keep you up to date on the key Spring Budget announcements and supply a summary, which will appear on our website.
According to reports, the Chancellor is considering two main cuts: a reduction in national insurance (NI) and an extension to the cut in fuel duty. He is also expected to announce a 'vaping products levy', which would be charged on manufacturers and importers of the liquid in vapes.
The Chancellor said: 'We do want to move to a lower taxed economy, but we're only going to do so in a way that is responsible and recognises that there are things that taxes pay for, that we couldn't cut taxes by borrowing.
'We'll do so in a responsible way. But if we can spend money on public services more efficiently, then that will mean less pressure on taxpayers.'
Prime Minister Rishi Sunak claimed that the UK economy is 'on the right track', despite data recently showing that the UK fell into recession at the end of last year. He commented: 'I'm determined, as Prime Minister, to make sure that the UK is the best place in the world to invest and grow a business.'
However, borrowing costs have risen sharply and Mr Hunt recently admitted that forecasts on what 'headroom' the government has have 'gone against' him.