“This was a low-key Budget with an upbeat vibe, but ultimately pushes tough decisions into next year.
“The Chancellor avoided the high tax rises of the last two years and offered support for struggling households and small businesses. It offered some relief for hard-pressed households with a number of energy give-aways and small cost of living adjustments and a boost for the high street in the form of business rates relief.
“Devolution rhetoric became a reality as business rates revenue, and a portion of income tax, will be kept locally by the end of the decade, with 20% of the former going to mayors from next year. How the theory becomes reality will be key.
“When it comes to tax rises, as expected with his options limited by the 2024 manifesto, the Chancellor was left with a pick and mix or ‘picky bits’ approach. Overall the announcements today will raise £7 billion per year by 2031-32 with some winners and losers including a widely trailed bank surcharge which came in lower than expected at 3% and further taxes on the gambling sector
“This Budget made political choices to give breathing space to certain sectors, smaller businesses and start-ups alongside helping those with the cost of living.
“On that it largely delivered, but answers to the difficult questions on welfare reform and increasing defence spending to 3 %t of GDP were notably absent, leaving much of the heavy lifting until the spending review next year.”
