The 4E (Everywhere, Employment, Enterprise & Education) 2023 Spring Budget set forth the Government plans to tackle inflation, improve growth and as a consequence reduce borrowing.
Several initiatives were announced to help with the “levelling up” agenda, but also to incentivise investment in the whole of the UK. With the exception of some of the specific announcements in respect of the extension to childcare funding and encouraging more people of working age back into work, this appeared at first glance to be a budget of macro economic incentives. Encouraging investment into all parts of the UK, businesses to base themselves here and further progress towards green energy. There are some sensible initiatives to be implemented, to help encourage growth, but there remains a question about the impact of all these announcements on individuals in the current period of economic uncertainty and cost of living crisis, not least those currently undertaking industrial action.
Our detailed summaries can be found at:
Interestingly the Government appears to be investing in other areas of tax too. The separate declaration of the disposal of cryptoassets from the tax year commencing 6 April 2024 and also allowing taxpayers to arrange payment plans online are two ways they intend to better use technology.
If you have any questions about how the budget or its proposed reforms might affect you, do get in touch on 01242 776000 or tax@randall-payne.co.uk.
