Todays main budget changes
Following the Chancellor's budget announcements earlier today, we are pleased to bring you Morris Lane's summary of the main changes.
With most of the major changes in tax rates and allowances having been announced last autumn and a general election likely next year, then there was little scope for the Chancellor to make any major announcements this time around. The main ones being the continuation of the fuel duty reduction for a further period, and widely reported changes to childcare and pension allowances.
The mild winter and reduction in wholesale cost of oil and particularly gas is good news for the Government (and ultimately consumers) which should see inflation fall although there is still the distinct possibility of more interest rate rises with the impact of these still to be felt with many people still on a fixed rate mortgage.
Speculation over corporation tax from 01/04/2023 being reduced from 25% to 19% was proved to be unfounded.
