Against a backdrop of the ongoing pandemic, the invasion of Ukraine and ensuing economic uncertainty Rishi Sunak unveiled his ‘mini budget’ on Wednesday 23 March 2022.
At this year’s Spring Statement the UK Chancellor warned us that pain cannot be avoided. The tax burden, the effective amount of tax we all pay, is now set to hit its highest level since the second world war. Rishi Sunak usually has a rabbit to pull out of his hat. This time around it was a big headline grabbing announcement to reduce the basic rate of tax by 1p in the pound by 2024, retaining his credentials to be a conservative tax cutting Chancellor. It’s doubtless a measure that will be re-announced as good news in the intervening budget statements before then. Find our more about these announcements in our full Spring statement summary.
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