Chancellor Rachel Reeves has set out her plans for our country's economic future during the Spring Statement 2025. With stagnant growth, a massive public sector bill and a belligerent Russia, what did she announce, and did she go far enough?
What did the Chancellor announce at the Spring Statement 2024?
The Chancellor ruled out more tax increases this time around, but I can easily see more coming in the Autumn Budget later in the year in an attempt to balance the books. The OBR isn't very optimistic right now and her announcements came alongside gloom in their figures.
The welfare bill was cut and economic inactivity from those living on benefits will be reduced. The Civil Service will be reduced by 15% over time and defence spending will rise to 2.5%, although in light of the war in Ukraine and the stepping back of the USA, we need to be doing a lot more and taking a military lead in Europe.
"Download our Spring Statement 2025 summary!"
Written in plain English, we have broken our PDF summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
Our summary provides an invaluable update for you and will help you get to grips with the announcements. It will remain on our blog for you to refer to as and when you need it, but if you have any questions, don't forget we are here to help you navigate and plan your way through the tax maze, so please do get in touch.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about the Spring Statement 2025 and how it may affect you and your business, it may be a great idea to call me on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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