What should we expect from the 2024 Spring Budget? 

With this year’s Spring Budget being the last budget before the general election, many are wondering whether the Chancellor will deliver any pre-election giveaways in his announcement.  

Amid discouragement from the International Monetary Fund (IMF) to implement further tax cuts, speculation is growing around what exactly Jeremy Hunt will unveil next month. This, combined with election pressure on the current government may make for an exciting budget as the Conservatives still want to be seen as the party of low tax. We are beginning to wonder whether the focus will be on areas such as: 

  • Incentivising work by announcing further cuts to National Insurance or by increasing the Income Tax thresholds. 
  • Encouraging more people to get on the property ladder, with changes to property taxes. 
  • Supporting businesses by lowering the corporation tax rate, introducing more targeted business reliefs, or reinstating VAT free shopping for overseas tourists. 

The Chancellor will deliver the 2024 Spring Budget around midday on Wednesday 6th March. Against the backdrop of a General Election and an ever-complex economy, we are waiting in anticipation to hear the outcome. Watch this space for further Spring Budget guidance following the announcement in our detailed budget summary! 

If you would like to discuss how the Spring Budget could impact you in more detail, then please do not hesitate to get in touch with Esther Ollech at esther.ollech@mgr.co.uk 

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