Jeremy Hunt’s Spring Budget 2024

In his Autumn Statement, delivered today 6th March, Jeremy Hunt acknowledges high interest rates, but says the UK economy is now likely to grow faster than previously thought. Amongst a long list of announcements, some of immediate business interest include:

  1. Employee and self-employed National Insurance cut by another 2p. It is claimed the cut, to begin next month, is worth £450 a year for the average worker, slightly lower for the self-employed. This follows another 2p cut announced in last year’s Autumn Statement
  2. No change to personal income tax
  3. A freeze in alcohol duty, and an extension to the 5p cut in fuel duty
  4. An increase in the VAT threshold for small businesses, from £85,000 to £90,000
  5. New taxes on vapes
  6. Higher taxes for business class flights

Extended Key Points can be found on the BBC website

Here’s a more extensive summarised Press Notice

And if you are so inclined, you can check out the full 200+ page Spring Budget Statement