Colin Graham, Head of Tax Policy, PwC said:
“The Spring Budget was a budget on a shoestring. Handcuffed by tight fiscal headroom the Chancellor has opted for a 2p cut in national insurance, worth an average £450 a year to 27mn workers, according to government estimates. A short term win for workers but the freeze on income tax thresholds continues to lead us to the highest overall tax burden post-war.
“Based on OBR forecasts, and limited fiscal headroom, it is not clear whether any further blockbuster announcements can be made in an early Autumn Statement or pre-election.
"Businesses would have been hoping to build on the momentum of the Autumn Statement, but will be somewhat disappointed. There can not be a sense of ‘job done’, when we will need to see a clear long-term tax roadmap for business, crucial in building business confidence, boosting investment and increasing productivity, as well as facilitating the transition towards Net Zero.”
Spring Budget 2024
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