Tax | Statutory Audit | Accounting
Two years to the day of the ‘national lockdown’ Chancellor, Rishi Sunak made a ‘Spring Statement’ to Parliament. The OBR say that public finances have emerged from the pandemic in better shape than expected. Yet existing inflationary pressures are exacerbated by Russia’s invasion of Ukraine. UK inflation will likely increase to a 40-year high. With around £30 billion of headroom against fiscal targets, the Chancellor eased back future tax increases.
In March 2021, Rishi Sunak announced the highest tax increases since Norman Lamont’s Budget 28 years ago. The former Chancellor Lord Lamont warned that the current finance minister would be likely to have to increase taxes again if he wanted to attempt to balance day-to-day spending and revenue...
On Wednesday 3rd March 2021 the Chancellor, Rishi Sunak, presented presented to Parliament the 2021 Budget The OBR predict the UK economy is set to rebound thanks to rapid vaccine rollout, with faster economic recovery over the next two years led by an extension of the furlough scheme, rebounding levels of consumption boosted from households’ savings and much stronger business investment supported by generous tax incentives. Although with risks remaining from the virus, historic levels of public debt and future interest rates.
On Wednesday 25th November 2020, the Chancellor, Rishi Sunak, presented the Office for Budget Responsibility’s economic and fiscal outlook: The coronavirus pandemic will have caused the UK economy to contract by an estimated 11% accross 2020. Government spending on public services and schemes to support employment surged, pushing up the deficit at least seven fold to around £400 billion (highest deficit-borrowing since 1944) leading to UK Government Net Debt projected to be above 100 per cent of GDP for the first time since 1960.
On Wednesday 11th March the second new Chancellor, Rishi Sunak, presented the first Budget since the UK formally left the EU on the 31st January 2020. The largest sustained fiscal loosening since 1992. The plan was to take real day-to-day spending per person back to pre-austerity levels with an “infrastructure revolution”. As Mr Sunak prepared for the Budget, the UK economy appeared to be on the up, with business and consumer optimism increasing and a recovery in retail sales.That was until the devistating effect of coronavirus.