Budget 2021: Comments from Andrew Moorby
Following the Chancellor, Rishi Sunak’s, Budget announcement today (3 March 2021), our Managing Partner, Andrew Moorby, shares his comments.
“As someone who has watched over 30 Budgets since first specialising in taxation it is easy to become jaded by the endless sound bites, many of which lack real substance.
This Budget had the potential to be different as it comes at the end of a monumental year of change, and it didn’t disappoint.
We had hoped to see a period of continued support for those most impacted by COVID-19 and we got it. We wanted to have a period of stability to allow the economy to recover before tax increases kick in and we got it. We hoped that infrastructure investment would continue with emphasis on new technologies and the green revolution and we got it. We even hoped for direct intervention into our region to help close the north south gap and again we got it – or at least Tees Valley did!
Whilst there are clearly going to be challenging times for the economy in future years, and the Chancellor spent much time highlighting that UK borrowings are at unprecedented peacetime levels, the Government has given UK business the time and space to rebuild and change.
Many of the measures had been widely trumpeted prior to the speech but there were still many surprises and new initiatives. The devil may well be in the detail, but the ambition was clear. The new 130% relief for capital expenditure will hopefully encourage those employers to invest, expand and grow. Only time will tell if this was a truly inspirational Budget but from someone who has seen many that were not, this one feels different and in positive ways.”