Autumn Budget 2024 analysis and comment

In the most anticipated budget for a generation, Rachel Reeves – chess prodigy, Oxbridge graduate and former Bank of England economist – is well qualified to deliver Labour’s first budget for 14 years. As the UK’s first female Chancellor of the Exchequer, she will undoubtedly continue to inspire the next generation of female economists and political leaders but has her budget delivered on the promise to protect working people, fix the NHS and rebuild Britain?

Spring Budget 2024 analysis and comment

During what could be Jeremy Hunt’s final budget before a general election, and possibly his final budget ever, some of us at TaxCalc HQ were anticipating a plethora of vote-grabbing giveaways to turn the tide on the Conservative Party’s popularity woes. This anticipation only being heightened by increased speculation in some circles that a snap call for a May election may be imminent.

Autumn Statement 2023: Analysis and comment

Anyone who has attended any accountancy talk, lecture or industry event in the past 12 months cannot have neglected to hear mention of how Artificial Intelligence (AI) will change the very nature of what we do and how we do it (dare I say, replace us?!). The Government is clearly a fan, as Rishi Sunak’s recent meeting with Elon Musk preceded Jeremy Hunt’s announcement of £500m over two years to fund UK innovation centres and make the UK an AI powerhouse. 

Spring Budget 2023 analysis and comment

The Chancellor, Jeremy Hunt, today delivered his second major fiscal statement of his first six months in office, confirming what many commentators had been predicting. That this would be a very light budget in terms of tax policy changes, leaving the focus firmly on tackling inflation, the cost of living crisis and fluctuating energy prices.

A recessionary budget from a principled chancellor?

The Chancellor, Jeremy Hunt, today confirmed that the UK is now officially in recession. His response was to introduce two new fiscal rules and two new fiscal principles.

• Rule 1: That the UK’s national debt must fall as a share of GDP by the fifth year of a rolling five-year period; and
• Rule 2: That public sector borrowing in the same year must be below 3% of GDP. 

Overall, the Autumn Statement is set to improve public finances by £55 billion by 2027-28, with the OBR forecasting both of these rules to be met a year early in 2026-27.

Autumn 2022 Mini-Budget analysis and comment

The key announcements in Chancellor Kwasi Kwarteng's Mini-Budget.

Press leaks, tax cuts, rumours, anticipation… All the hallmarks of a budget are present bar one – any requirement for the proposals to be scrutinised by the Office for Budgetary Responsibility. This is not, of course, unusual in recent times. The Coronavirus Job Retention Scheme, the energy bills package and the health and social care levy were all announced outside of the normal budgetary cycle. Yet, making major decisions without a full economic and fiscal forecast is seen by many as a gamble and perhaps a last roll of the dice by Prime Minister Truss to save the Conservatives at the next General Election.

Spring Statement analysis

The Chancellor of the Exchequer, Rishi Sunak, presented his Spring Statement to Parliament today, Wednesday 23 March 2022, and the tax experts at TaxCalc were on hand to analyse and disseminate the finer details.

Autumn Budget and Spending Review 2021

The Chancellor of the Exchequer, Rishi Sunak, presents his Autumn Budget and Spending Review to Parliament today, Wednesday 27 October 2021 and the tax experts at TaxCalc are on hand to analyse and disseminate the finer details of any announcements. Keep checking back here for live updates and commentary.