Budget Reaction – Andrew Moorby

There have been major changes to our tax rules over the last couple of years and whilst many of the changes have been good, it’s become difficult to prepare long term plans and strategies when things are constantly changing.

I had therefore hoped for a period of stability with few changes. The Chancellor clearly didn’t agree and took the opportunity to make more changes.  As ever there will be winners and losers, but for us in the North East the help for business in terms of reduced rates for the smaller companies, reducing corporation tax rates and assistance for the oil and gas sector should all be welcomed.

With regards to spending, we did hear about some infrastructure projects in terms of improvements to the A66 and A69 and further help to improve the performance of our schools, which sound positive, but as yet the detail is limited.

The Chancellor was certainly keen on expressing it as a Budget for the next generation, and the introduction of the lifetime ISA with a 25% Government boost supports this commitment.

In conclusion, some good strategies to help the next generation but too many other things “tinkered” with for me personally.

Related Insight