The Spring Budget is here! The Chancellor of the Exchequer Jeremy Hunt has outlined the Spring Budget and the highlights are outlined here.


Mr Hunt started by addressing the "tragic loss of life in Israel and Gaza". And announces a £1 million memorial to be created in honour of fallen Muslims who died in both World Wars.

He highlighted the economic difficulties of the last 16 years from the 2008 financial market crashes.


He notes the efforts they've made over the last 2-3 years will lead to more growth, more jobs and higher wages. And after some jibes attacking Labour's economic plans he follows up with the OBRs reporting that inflation which was at 11%, it is now at 4%. Today's forecast suggests that inflation will fall under 2% earlier than expected within the next few months.

Cost of Living Support

The Household Support Fund will be extended beyond 31 March and continue for 6 months.

In Autumn he froze alcohol duty until August 2024. He has now extended the alcohol duty freeze to Feb 2025.

The Fuel Duty cut has been maintained and frozen for another 6 months.

He also noted that one of the focuses today is on those falling into debt. He therefore has increased the repayment period for loans to cover household emergencies from 12 months to 24 months and an end to £90 charges for debt relief orders.

Debt & Deficit

Hunt then noted that there is no growth without solid finances. Highlights cutting deficit over last 14 years "by 80% between 2010 and 2019", amounting to £370bn they could then provide during the Covid-19 pandemic.

He says that the focus should be on reducing debt instead of borrowing. OBR announces debt will fall over the next 5 years. He says that today's forecasts show debt will fall to below to 94% by 2028 and 2029, down from over 100%.

He says that UK continues to have the lowest national debt in the G7, lower than Japan, France and the United States.

Turning to growth he notes that the OBR expects the economy to grow by 0.8% this year and 1.9% next year which is 0.5% higher than their autumn forecast. He adds that this is forecasted to continue at this level until 2027.

British ISA

He then announces the creation of a “British” ISA in the form of an extra £5,000 tax-free allowance for the public to invest exclusively in the UK.

Regional Investment

He then announces a large regional investment package in the North West a "North-East trailblazer devolution deal", a package worth over £100m.

He then announces further regional funding , and announces that he has allocated £188mfor projects in Sheffield, Blackpool and Liverpool. as well as £242min Barking Riverside and Canary Wharf.

VAT & Business investment

Hunt also increases the threshold for VAT registration will go up from £85,000 to £90,000.

Now moving to business investment he notes that "Business investment has risen from an average of 9.3% of GDP under Labour to 9.9% under the Conservatives. This year it will be 10.6% of GDP – generating £30bn more in business investment than if it had continued at Labour levels. And it is still going up," he says.


The secretary for energy security and net zero is investing up to £120m more to the Green Industries Growth Accelerator,

This is to build supply chains for new technology such as offshore wind and carbon capture.

Hunt also announces £270 million for advanced manufacturing industries, to fund car and space innovation.

Creative Industries

The chancellor confirms the Autumn Statement announcement that the rate of tax credit available to the industry will rise by 5% and an 80% cap for visual effects costs will be removed.

Hunt ensures that the tax reliefs just mentioned will become "permanent at 45% for touring and orchestral productions". For non-touring productions that relief will be one of 40%.

Medical Research, Healthcare & NHS

Hunt turns his attention to medical research. He is proposing an additional £45m investment with £3m put into cancer research.

He announces a brand new investment in to life sciences company AstraZeneca.

Hunt also announces an additional 650m investment in the Cambridge Biomedical Campus and a new vaccine manufacturing hub in Liverpool.

Childcare Plan

Hunt discusses the government's plans to address working vacancies and how to fill these gaps, using this to discuss their childcare plan. Previously, it was expanded to 30-hour a week of free childcare.

He announces a guarantee on the rates that will be paid to childcare providers to deliver the government's landmark offer for children over nine months old for the next two years.

Public Sector Productivity Plan

The investment needed to modernise NHS IT systems will cost £3.4bn - but will unlock £35bn of savings.

"And as a result of this funding, all hospitals will use electronic patient records, making the NHS the largest digitally integrated healthcare system in the world," he adds.

Smoking & Vaping Duties

Hunt has introduced a new levy on vaping.

There will also be a one-off increase in tobacco duty.

Air Passenger Duty

The government is increasing the Air Passenger Duty (APD) for business class travellers, Hunt announces.

Housing Tax Reforms

The chancellor says he will scrap tax breaks which make it more profitable for second homeowners to let out their properties to holiday makers as opposed to long-term tenants.

Hunt then announced that stamp duty relief for people buying more than one dwelling is being scrapped as the system was being taken advantage of.

Capital Gains Tax Cut

The higher rate of property capital gains tax is to be reduced from 28% to 24%, Hunt announces. He says the move is predicted to increase revenues as there will be more transactions.

Non-Dom Tax Reform

The government will abolish the current tax system for wealthy foreign residents in the UK who have non-domiciled tax status. By reforming this Mr Hunt says it will make the system "fairer and competitive". It will be replaced with a "modern residency system".

It will raise £2.1 billion with which the Conservatives will use to cut taxes.

Child Benefit Reform

Hunt says he will be reviewing the potential for a new rule on collective household income, rather than on an individual basis, which he aims to introduce by April 2026.

To help in the short-term, he will increase the threshold from £50,000 to £60,000.

And the top of the taper at which it is withdrawn will go up to £80,000.

Half a million families will save money as a result of this.

National Insurance Tax Cut

The chancellor announces a fresh cut to National Insurance contributions for employees from 6 April.

Hunt says he will reduce the rate by a further 2p, worth around £450 a year for someone on an average salary.