The Chancellor has announced his budget in the House of Commons and we have outlined a few of the top good vs bad parts of the speech.
Top 5 good news:
– Economy to grow by 6% in 2022. Wages have grown by 3.4% in 2021
– 50% discount on business rates (£1.7bn tax cut)
– Cutting the number of alcohol duty rates from 15 to 6
– Fuel duty rise cancelled
– Universal Credit Taper cut from 63% to 55%
Top 5 bad news:
– Inflation to hit 4% in 2022
– National debt to hit 85.2% of GDP
– Departmental spending to rise by £150bn
– Employment to peak at 5.2% temporarily
– NHS spending increase by £44bn to over £177bn without any meaningful reform
Overall, this budget is not too damaging considering the situation the country is in. Rishi Sunak is coming out of it looking very well.
Finally, the best part of the budget that will keep Thatcherites happy was the lack of ‘green measures’.