A large element of the Budget was focused on encouraging entrepreneurship and investment in the UK economy.
From small to large, the Government is taking steps to help with the establishment of new businesses.
For those looking into a new side hustle, the Government is tripling the Trading Allowance from £1,000 to £3,000 from 6 April 2027, to help people looking to make additional income.
A New Founders’ Relief will become available from April 2027 offering a 10 per cent Capital Gains Tax rate on up to £10 million of lifetime gains for founders of qualifying high-growth companies.
However, the Government did confirm that the existing main rate writing down allowance rate of 16 per cent will reduce to 12 per cent with effect from April 2027 for both companies and unincorporated businesses.
An additional £15.4 billion will be pumped into the National Wealth Fund, while the British Business Bank will see its own funds increased by £5 billion to provide investment to up-and-coming UK enterprises.
Further devolution was also mentioned during the speech to help regions set their own spending commitments and the Chancellor was keen to flag that the nation was also open to AI, innovation and data centres, with further information expected in future.