After the contraction, the OBR has predicted the economy will grow every year to 2027, including: 1.8 per cent in 2024; 2.5 per cent in 2025; 2.1per cent in 2026; and 1.9 per cent in 2027.
In summary, the tone of the Spring Budget was very much focused on growth, and the Chancellor laid out intentions to turn the UK into a “Science Superpower” with a £1mn award for UK based AI breakthroughs and 25 investment zones across the UK, or as the Chancellor put it, “twelve new Canary Wharfs” and a strategy to make the UK a leader in quantum computing with additional funding being ploughed into this area up to 2033.
All in all it was an encouraging Budget, however the tax burden on investors still remains very high due to the changes made in the Autumn Budget and careful tax planning is more necessary now than ever.
Eleanor Ingilby, is deputy head of portfolio management at Atomos
