MHA | Spring Budget 2024 what to expect / predictions and analysis
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Spring Budget 2024

Stay updated with insights and resources from our tax specialists.

The Spring Budget 2024 will be held on Wednesday 6th March. The Chancellor, Jeremy Hunt, will announce the governments’ tax and spending plans, alongside an economic and fiscal forecast prepared by the Office for Budget Responsibility (OBR).

This Budget may be the final opportunity for the government to lay out tax and spending plans before the next general election (indications are an election will be held in Autumn this year), and therefore it has been widely speculated that the Chancellor will leverage the timing by announcing voter-pleasing tax cuts and reforms.

However, the International Monetary Fund (IMF) has recently issued a strong warning to the Chancellor against announcing tax cuts in the Spring Budget, as tax giveaways would probably require extra borrowing or post-election spending cuts.

The Chancellor has responded to the IMF by acknowledging that “untargeted tax cuts that are just crowd pleasers” are not a good idea, and that any tax cuts would only be done if responsible and sensible to do so.

Tax cuts could be justified by the Chancellor following the recent fall in inflation and market interest rates. However, as the IMF has flagged up, any proposals assume that there will be post-election cuts in public spending – something that the Fiscal Studies thinktank also believes to be unrealistic. Instead, the Spring Budget could focus on increasing public spending and improving public finances. 

Several announcements from the Autumn Statement 2023 coming into force this year reflect the growing pressure that the Chancellor has been facing from both businesses and households, to deliver on tax cuts.

Click on the below links to read our Autumn Statement recaps:

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Tax measures from the Spring Budget will have wide-ranging impacts on businesses and individuals across the UK. Our tax experts and industry specialists will be happy to help you adapt and reassess your financial plans in the light of any tax cuts and legislative changes arising from these fiscal announcements.

Contact your usual MHA representative or your nearest office at any time to discuss your tax matters further or for guidance on the measures announced, and we will be happy to assist with any queries.

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