Spring Budget 2024: What to Expect from Jeremy Hunt
The Spring Budget is coming up on March 6, where Jeremy Hunt will lay out his plans for the UK economy. But what could be in store for us this year?
What’s the Spring Budget? It’s a chance for the Chancellor to talk about how the economy’s doing and what the government’s going to do about it. They’ll also share forecasts from the Office for Budget Responsibility.
Could It Be Election Time? There might be an election soon, so the Budget could have some surprises to win over voters. Some think it might happen in May because of how the Budget’s timing lines up with election rules.
Tax Cuts? Maybe Not. People were hoping for lower taxes, but with the economy struggling, it might not happen. The Chancellor talked about wanting lower taxes, but only if it’s sensible. There’s a chance some taxes could go down, but it might mean less money for things like public services.
Inheritance Tax – Less Likely to Change Some politicians want to lower or get rid of Inheritance Tax, but it might not happen this time. Even though some don’t like it, the government might keep things as they are.
Child Benefit Might Go Up The Chancellor could raise the amount of money you can earn before you start paying back child benefit. Some people think the current system isn’t fair.
Tax Thresholds The government might decide to stop freezing the amount of money you can earn before paying higher taxes. Some say this freeze has made taxes go up a lot without people noticing.
Helping Local Councils Many councils are struggling for money, so the government might give them more cash. But some of that money might come from raising council tax.
99% Mortgages There’s talk about making it easier for people to buy homes with just a small deposit. It could help people who can’t afford a big deposit, but it might also make house prices go up.
Lifetime ISA Changes The government might change the rules for Lifetime Isas. These accounts help you save for a home or retirement, but if you use the money for something else, you get a big fee. They might make that fee smaller and let you buy a more expensive home with the money.
Stamp Duty There’s pressure to change stamp duty. Some want older people to pay less when they move to a smaller home.
Tobacco Tax Smokers might have to pay even more tax on cigarettes. This could help stop people from smoking, especially young people.
Already Announced Plans Some things have already been decided, like making it harder to rent out homes to tourists and banning disposable vapes.
So, keep an eye out for the Spring Budget on March 6. It could have some big news for your wallet!
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