The Chancellor’s Autumn Budget speech had a strong sense of industrial strategy and revealed a change in the Treasury’s direction from low taxes and spending restraint to direct intervention in supporting particular industries.
No fundamental reform of the tax system was announced, with the Chancellor instead focusing on tweaks to select areas of the tax system. There were surprisingly few environmental measures ahead of COP26 and no attention was given to addressing how we tax wealth and the way we work. Generous changes to business rates were announced but these stopped short of the major reform that some had asked for. It is likely these will continue to weigh heavy on the minds of businesses and individuals.
Overall, it was a noisy afternoon for the creative, retail, hospitality and leisure industries, but relatively quiet for most of the rest of the business community, leaving time to continue to consider the previously announced increases to Corporate Tax and National Insurance Contributions. For our previous Budget coverage, visit our Spring Budget page.
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