The 12 months since the last Budget was delivered have seen significant change.
A more challenging global macroeconomic outlook, yet more inflationary pressures and, perhaps least expected of all, a new Chancellor.
In the weeks leading up to the Budget, many pundits expected a radical change from John Healey, but instead he promised measures that would provide “breathing space” to the UK, as it grapples with a challenging economy and a new cost of living crisis.
Given Andy Burnham’s recent commitments to spending in a number of areas, including housing, defence and social care, it was thought that the speech may include a number of tax raids, but the measures announced were more muted.
With a focus on certainty for businesses and individual taxpayers, Healey’s first Budget contained a plethora of small measures to collect tax and generate investment across many different areas.
As he prepared to take his seat at the end of his speech, he confirmed that the Budget would deliver “breathing space now and hope for the future” after delivering updates and measures in the following areas: