What it means to you
There was more tax in the Spring Statement than expected, but it continues to not be a “Mini Budget”.
In recent years, the Government’s aim has been to reposition the Annual Budget as the sole tax “event” in the parliamentary year, leaving the economic statement unburdened with taxation announcements. However, following the trend of reacting to events as they unfold – as demonstrated by the Chancellor during the Pandemic – it was always unlikely that today’s announcement would not contain some announcements in response to rising inflation and the cost of living crisis.
