Cookies on the Attwoods website

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Attwoods website.

Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |2024 Spring Budget - the economic picture

Latest news

Browse by category
Business News

2024 Spring Budget - the economic picture

March 06 2024

Within his Spring Budget speech, Chancellor Jeremy Hunt announced that the UK economy is set to grow 'slightly faster than expected'.

According to the Office for Budget Responsibility (OBR), the government's official forecaster, the economy will grow by 0.8% this year and by 1.9% in 2025.

The Chancellor stated that the economy is 'turning a corner', with inflation expected to fall to target next quarter, wages consistently rising faster than prices and better growth than other European countries.

Higher growth gave the Chancellor extra leeway in the Budget, which he used to announce a continuation of the freeze on alcohol and fuel duties; an employee national insurance tax cut from 10% to 8% in April for 27 million working people; and an increase to the High Income Child Benefit Charge from £50,000 to £60,000.

In its latest forecast, which was prepared for the Budget, the OBR said that borrowing will rise in the next financial year, and then remain broadly in line with its previous forecasts.

However, the OBR also warned that the UK's debt will rise over the coming four years before falling in the fifth year. Debt as a proportion of GDP will still be 92.9% in 2028/29, the OBR also forecasted.

The government stated that the measures announced in the 2024 Spring Budget 'will reduce inflation in 2024/25 and bring the equivalent of over 100,000 people into the workforce by 2028/29'. 

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.