Spring Statement 2022 Summary Report

Read our report: Summary report of key budget announcements from the Spring Statement 2022

FOLLOWING NEWS HEADLINES THAT INFLATION HAD HIT A 30-YEAR-HIGH, ON 23 MARCH THE CHANCELLOR OF THE EXCHEQUER RISHI SUNAK PRESENTED HIS SPRING STATEMENT.

There is some good news for businesses with the increase in employer’s allowance and discounted business rates for certain sectors together with proposed improvements to R&D tax credits and a reduction to tax rates on business investment set to be announced in the Autumn Budget. The increase to the earnings threshold for NICs will be welcomed by lower earners particularly given that the Chancellor is pushing ahead with the increase to NIC rates previously announced.

Read our report: Summary report of key budget announcements from the Spring Statement 2022

DID THE CHANCELLOR GO FAR ENOUGH?

At a time when the cost of living is rapidly and significantly increasing with unprecedented increases to energy and fuel costs there will no doubt be challenging times ahead for businesses and individuals alike.

WE CAN HELP

Our summary report covers the key measures announced that will affect businesses and individuals across the UK. As always, if you have specific queries about how it relates to your business or personal finances, or if you are considering action in response to the announcement, please get in touch with your usual Parsons contact or a member of our friendly team, and they’ll be happy to help.

Read our report: Summary report of key budget announcements from the Spring Statement 2022