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The first Budget since October 2021 was widely expected to be an uneventful affair. Five months ago, the then new Chancellor, Jeremy Hunt, presented an Autumn Statement that was more of a Budget than many formal Budgets.
The first autumn Budget for three years was a three-part presentation. The Chancellor’s well-trailed speech was accompanied by the first multi-year Spending Review since 2015 and the latest Economic and Fiscal Outlook (EFO) from the Office for Budget Responsibility (OBR).
In recent years, emerging technology has begun a revolution in the way people are thinking about money – digital currency and cryptocurrencies are attracting much media and regulator attention. Given that a potentially disruptive revolution is under way, we believe it is important to understand the make-up and potential uses of digital currency.
In mid-February the Treasury announced that “To allow for more transparency and scrutiny, documents and consultations that would traditionally be published at a Budget will be published on 23 March”. It was far from clear what would, or would not, emerge just 20 days after Rishi Sunak’s first Budget of 2021. A letter from the Financial Secretary, Jesse Norman, to
This note summarises the main pension rules in terms of the contribution and benefit limits, the treatment during the accumulation phase and the exit options (including death benefits), matters which should be considered for any investment, and to provide our general guidance and comments.
On some counts this Budget was Rishi Sunak’s 15th major announcement since his first Budget, just under a year ago. During this period, the pandemic has dominated the Chancellor’s actions and this was true of his latest Budget.
The increase in UK Government spending provoked by the coronavirus pandemic has been unprecedented in peacetime, thereby making tax rises appear inevitable in coming years.
“….get it done” was a recurrent phrase in the Budget speech of the new Chancellor, Rishi Sunak. It could equally have been “get it spent” or “get it borrowed” as Mr Sunak announced a raft of spending initiatives with few supporting tax increases.
