Budget Report

Budget Report


Budget Report 6 March 2024

In Jeremy Hunt's second budget as Chancellor, he went on to say that: the economy is beginning to turn a corner and the government is sticking to its plan: inflation is down, growth is forecast to improve and debt is on track to fall. The government is taking long-term decisions to cut taxes further for working people, reform how it delivers public services, and build a stronger economy and a brighter future for the UK.

The key budget highlights were;
  • Inflation forecasted to fall to 2% Q2 2024.
  • OBR forecast headline debt to fall in every year to just 94.3% by 2028-29.
  • Underlying debt, forecasted to be 91.7% in 2024-25, then 92.8%, 93.2%, 93.2% before falling to 92.9% in 2028-29.
  • Public sector borrowing, forcasted to from 4.2% of GDP in 2023-24, to 3.1%, 2.7%, 2.3%, 1.6% and 1.2% in 2028-29.
  • OBR predicts UK economy to grow by 0.8% this year and 1.9% the year after.
  • Growth of 2% predicted for 2026, 1.8% in 2027 and 1.7% in 2028
  • From April 6th, employees National Insurance will be cut by another 2p, from 10% to 8%. Self-employed national insurance will be cut from 8% to 6%.
  • Universal Credit budgeting advance loans repayment period for new loans, increased from 12 months to 24 months.
  • £90 debt relief order charge to be abolished.
  • Household Support Fund to be extended ny another six months.
  • Alcohol duty freeze until February 2025.
  • 5p cut in fuel duty, frozen for a further 12 months.
  • Air passenger duty to go up for business class tickets
  • VAT registration threshold rises from £85,000 to £90,000 from April 1st.
  • North-East trailblazer devolution deal, providing a package of support for the region potentially worth over £100m.
  • New powers to The Pensions Regulator and Financial Conduct Authority to ensure better value from Defined Contribution schemes.
  • Introduction of a brand new British ISA, allowing an additional £5,000 annual investment for investments in UK equity.
  • Tax relief for visual effects in film and high-end TV, increased by 5% and 80% cap for visual effects costs in the Audio-Visual Expenditure Credit, removed.
  • Performing arts tax reliefs made permanent at 45% for touring and orchestral productions and 40% for non-touring productions.
  • Guarantees on rates that will be paid to childcare providers for children over 9 months old for the next two years.
  • Landmark Public Sector Productivity Plan announced to improve productivity.
  • Introduction of an excise duty on vaping products from October 2026.
  • Furnished Holiday Lettings regime to be abolished as well as Multiple Dwellings Relief.
  • Higher rate of property Capital Gains Tax reduced from 28% to 24%.
  • Government to abolish the current tax system for non-doms. From April 2025, new arrivals to the UK will not be required to pay any tax on foreign income and gains for their first four years of UK residency. Aafter four years, those who continue to live in the UK, will pay the same tax as other UK residents.
  • From April, the High-Income Child Benefit Charge threshold will be raised from £50,000 to £60,000.
  • Partial child benefit to be paid where highest earner earns up to £80,000

 

About this report
This report was written immediately after Jeremy Hunt delivered his speech on 6 March 2024 and has been prepared from press releases and other documents. It is not intended to cover every aspect of the Budget but, instead, is designed to act as overview only. No liability is accepted for any action taken or refrained from in consequence of its contents. Advice should always be sought from a professional.
DEL Spending Assumption from 2025-26 to 2028-29

Planned departmental resource spending for the years beyond the current Spending Review period (2025‑26 to 2028-29) will continue to grow at 1% a year on average in real terms.

Public Sector Productivity Programme

The government is committing £4.2 billion of funding at Spring Budget 2024 to improve the productivity of the public sector. This includes £3.4 billion of additional CDEL over three years from 2025‑26 as part of the NHS’s productivity plan in England, investing in technological and digital transformation to help unlock £35 billion cumulative savings by 2029‑30, and £0.8 billion to wider public services to deliver up to £1.8 billion of benefits over the same period.

Additional funding for the NHS

The government is allocating an additional £2.5 billion to the NHS in England for 2024-25.

Police Productivity and Technology

The government is giving police forces £230 million to pilot or roll out cutting-edge technology such as live facial recognition, automation and the use of drones as first responders.

Early Legal Advice Pilot

The government is investing £12 million to expand the scope of Legal Aid to encompass early legal advice in private family law proceedings for parties considering an application to the family court for child arrangements.

One Stop Shop

The government will introduce a new online information and guidance tool to support earlier resolution of family disputes and divert cases away from the family courts, where appropriate. The tool will help families navigate the range of options available by suggesting suitable interventions based on need and provide early legal advice.

New special free schools for children with special educational needs and disabilities (SEND)

The government is announcing £105 million as initial investment to fund an additional wave of 15 special free schools.

Alternative Provision free school locations

The government is confirming the location of 20 alternative provision free schools in England as part of the Spending Review 2021 commitment to invest £2.6 billion capital in high needs provision.

War memorial to recognise Muslim soldiers who fought for the British Armed Forces

The government will be providing up to £1 million support, subject to business case, for a new war memorial to recognise the sacrifice and duty of Muslim soldiers who fought and died for this country in both world wars.

Replacing Non-UK Domicile tax rules with a residence-based regime

This measure abolishes the remittance basis of taxation for non-UK domiciled individuals and replaces it with a simpler residence-based regime. Individuals who opt into the new regime will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-tax resident for the last 10 years. This new regime will commence on 6 April 2025 and applies UK-wide. The government will introduce the following transitional arrangements for existing non-doms claiming the remittance basis: an option to rebase the value of capital assets to 5 April 2019; a temporary 50% exemption for the taxation of foreign income for the first year of the new regime (2025-26); a two-year Temporary Repatriation Facility to bring previously accrued foreign income and gains into the UK at a 12% rate of tax.

The government will also reform Overseas Workday Relief (OWR). Eligible employees will be able to claim OWR for the first three years of tax residence, benefitting from income tax relief on earnings for employment duties carried out overseas but with current restrictions on remitting these earnings removed.

The government is also announcing the intention to move to a residence-based regime for Inheritance Tax (IHT) and will consult in due course on the best way to achieve this, including consulting on a 10-year exemption period for new arrivals and a 10-year ‘tail-provision’ for those who leave the UK and become non-resident. No changes to IHT will take effect before 6 April 2025.

Energy Profits Levy extension and price floor legislation

The government is extending the Energy Profits Levy (EPL) to the end of March 2029.

Vaping Products Duty

The government will introduce a new duty on vaping products from 1 October 2026, with registrations for the duty opening from 1 April 2026. The rates will be £1.00 per 10ml for nicotine free liquids, £2.00 per 10ml on liquids that contain 0.1-10.9 mg nicotine per ml, and £3.00 per 10ml on liquids that contain 11mg or more per ml. The government will also introduce a one-off tobacco duty increase of £2.00 per 100 cigarettes or 50 grams of tobacco from 1 October 2026.

Air Passenger Duty (APD) rates

The 2025-26 APD rates for economy passengers will increase in line with forecast RPI, rounded to the nearest pound. Rates for those flying premium economy, business and first class and for private jet passengers will also increase by forecast RPI and will be further adjusted for recent high inflation to help maintain their real terms value.

Business Rates: Avoidance and Evasion

The Empty Property Relief “reset period” will be extended from six weeks to thirteen weeks from 1 April 2024 in England. The government will also consult on a “General Anti-Avoidance Rule” for business rates in England, and has published at Spring Budget a summary of responses to the Business Rates Avoidance and Evasion Consultation.

Starting rate for savings

The government will maintain the starting rate for savings, the 0% band for savings income, at £5,000 from 6 April 2024 to 5 April 2025.

Transfer of Assets Abroad

The government will legislate in the Spring Finance Bill 2024 to ensure individuals cannot use a company to bypass anti-avoidance legislation, known as Transfer of Assets Abroad (ToAA) provisions, in order to avoid UK income tax. The changes will take effect for income arising to a person abroad from 6 April 2024.

Administrative change to ease the payment of inheritance tax before probate or confirmation

From 1 April 2024, personal representatives of estates will no longer need to have sought commercial loans to pay inheritance tax before applying to obtain a “grant on credit” from HMRC.

Alcohol Duty Stamps Scheme

The government will close the Alcohol Duty Stamps Scheme following a review by HMRC. The government will publish legislation later in the year for an orderly wind-down of the Scheme.

Class 2 National Insurance Contributions (NICs)

At Autumn Statement 2023, the government announced the removal of the requirement to pay Class 2 NICs from 6 April 2024 and committed to abolishing Class 2 entirely. The government will consult later in 2024 on how it will deliver Class 2 abolition.

National Insurance contributions (NICs) rates

The government will cut the main rate of Class 1 employee NICs from 10% to 8%. This will take effect from 6 April 2024. The government will also make a further 2p cut to the main rate of self-employed National Insurance on top of the 1p cut announced at Autumn Statement. This means that from 6 April 2024 the main rate of Class 4 self-employed NICs will now be reduced from 9% to 6%.

Childcare future funding

The government is confirming that the hourly rate providers are paid to deliver the free hours offers for children aged 9 months to 4 years will increase in line with the metric used at Spring Budget 2023 for the next two years. This reflects that workforce costs are the most significant costs for childcare providers and represents an estimated additional £500 million of investment over two years.

High Income Child Benefit Charge (HICBC) reform

The government will increase the HICBC threshold to £60,000 from April 2024. The rate at which HICBC is charged will also be halved so that Child Benefit is not fully withdrawn until individuals earn £80,000 or higher. The government plans to administer the HICBC on a household rather than an individual basis by April 2026, and will consult in due course.

Extending Additional Jobcentre Support (AJS) pilots and introduction of new claimant commitments

The government is extending the duration of the current AJS pilot, currently live in 90 Jobcentres in England and Scotland, for a further 12 months. As part of the pilot extension, claimants will also be required to accept a new claimant commitment at 6, 13 and 26 weeks, agreeing to more work requirements or have their claim closed.

Additional funding to support the processing of increased volumes of disability benefit claims

The government is providing additional funding that will increase system capacity to meet increased demand, and therefore enable people to get the right support in a timely manner.

Barking

The government is announcing investment of £124 million at Barking Riverside to unlock 7,200 homes.

Canary Wharf

The government is announcing investment of £118 million to accelerate delivery of the Canary Wharf scheme. This will deliver a life sciences hub, commercial and retail floor space, a healthcare diagnostic facility and up to 750 homes.

Leeds Vision Document

Alongside Spring Budget, the government is publishing its vision for transforming Leeds, to unlock 20,000 new homes.

Euston Housing Delivery Group

The government is establishing the Euston Housing Delivery Group with £4 million to support plans to deliver up to 10,000 new homes.

Cambridge

The government is setting out its ambitious plan to grow the economy of the city and deliver new homes by 2050. Alongside this, Spring Budget confirms the future development corporation in Cambridge will receive a long-term funding settlement at the next Spending Review. The government is providing an additional £7.2 million to unlock improvements to local transport connections between the Cambridge Biomedical Campus and the city, and making £3 million available for Cambridge University NHS Trust to support plans for growth. The government is also on track to deliver a set of water saving measures which if delivered as planned could unlock more than 9,000 homes in the Cambridge area, as confirmed in the Joint Statement from Defra, DLUHC and the Environment Agency that is published today.

Planning capacity

The government will match industry-led funding of £3 million for planning capacity and resourcing in the next Spending Review period.

Capital Gains Tax: Higher rate cut for residential property

From 6 April 2024, the higher rate of Capital Gains Tax for residential property disposals will be cut from 28% to 24%. The lower rate will remain at 18% for any gains that fall within an individual’s basic rate band. Private Residence Relief will continue to apply, meaning the vast majority of residential property disposals will pay no Capital Gains Tax.

Abolition of Furnished Holiday Lettings tax regime

The government will abolish the Furnished Holiday Lettings tax regime, eliminating the tax advantage for landlords who let short-term furnished holiday properties over those who let residential properties to longer-term tenants. This will take effect from 6 April 2025 and draft legislation will be published in due course.

Stamp Duty Land Tax: Abolition of Multiple Dwellings Relief

From 1 June 2024, Multiple Dwellings Relief, a bulk purchase relief in the Stamp Duty Land Tax regime in England and Northern Ireland, will be abolished. Property transactions with contracts that were exchanged on or before 6 March 2024 will continue to benefit from the relief regardless of when they complete, as will any other purchases that are completed before 1 June 2024. The government will engage with the agricultural industry to determine if there are any particular impacts for the sector that should be considered further.

Stamp Duty Land Tax: Acquisitions by Registered Social Landlords and public bodies

Legislation will be updated to ensure that from 6 March 2024, registered providers of social housing in England and Northern Ireland are not liable for Stamp Duty Land Tax (SDLT) when purchasing property with a public subsidy and public bodies will be exempted from the 15% anti-avoidance rate of SDLT.

Stamp Duty Land Tax: First Time Buyers’ Relief for nominee purchasers

From 6 March 2024, the rules for claiming First-Time Buyers’ Relief from Stamp Duty Land Tax in England and Northern Ireland will be amended so that individuals buying a leasehold residential property through a nominee or bare trustee will be able to claim First-Time Buyers’ Relief, including victims of domestic abuse.

Taxation of environmental land management and ecosystem service markets – Following consultation, the government will extend the existing scope of agricultural property relief from 6 April 2025 to land managed under an environmental agreement with, or on behalf of, the UK government, Devolved Administrations, public bodies, local authorities, or approved responsible bodies.

Prepayment meter (PPM) levelisation

As announced by Ofgem on 23rd February, the government is delivering on its commitment to remove the prepayment meter (PPM) standing charge premium on an enduring basis.

Changes to Debt Relief Orders

The government is making changes to Debt Relief Orders (DROs) in England and Wales. In April 2024, the government will remove the £90 administration fee. In June 2024, the government will amend eligibility criteria for DRO entry, raising both the maximum debt value threshold and the maximum value of motor vehicles. Scotland and Northern Ireland will receive equivalent Barnett Consequential funding.

Universal Credit: extending Budgeting Advance repayment periods

The government will increase the maximum repayment period on new budgeting advance loans from 12 months to 24 months. This will apply to Budgeting Advances taken from December 2024 onwards.

Household Support Fund Extension

To help the most vulnerable households with the cost of essentials such as food and utilities, the government is also providing an additional £500 million (including Barnett impact) to enable the extension of the Household Support Fund in England from April to September 2024.

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Fellowships

The £250 million Faraday Discovery Fellowships and £150 million Green Future Fellowships will be funded through endowments to the Royal Society and the Royal Academy of Engineering.

Research and Innovation Organisation (RIO) fund

The government is allocating £14 million for infrastructure used by public sector research and innovation organisations.

Connectivity in Low Earth Orbit (CLEO)

The government is confirming up to £100 million to launch the national component of the full £160 million CLEO programme, which will enable UK researchers and businesses to perform the research and development needed for the next generation of satellite constellations.

Quantum computing

The government is allocating £1.6 million in 2024-25 to an error correction programme in quantum computing.

Space launch support

The government will make available £10 million of funding to SaxaVord Spaceport to support orbital launch in 2024, subject to due diligence.

Agri-food Launchpad

The government is investing £5 million over the next 3 years in an agri-food Launchpad in Mid and North Wales.

Extension of the Recovery Loan Scheme (RLS)

The Recovery Loan Scheme has been renamed as the Growth Guarantee Scheme and extended until the end of March 2026. The scheme offers a 70% government guarantee on loans to SMEs of up to £2 million in Great Britain, and £1 million in Northern Ireland.

HMRC guidance on retraining tax deductibility

HMRC has published new guidance around the tax deductibility of training costs for sole traders and the self-employed. This guidance ensures that updating existing skills, maintaining pace with technological advancements, or changes in industry practices, are allowable costs when calculating taxable profits.

VAT registration threshold: increase to £90,000

The government will increase the VAT registration threshold from £85,000 to £90,000, and the deregistration threshold from £83,000 to £88,000, freezing them at these levels. These changes will apply from 1 April 2024.

Financial Promotion Exemptions

The government will legislate to reinstate the previous eligibility criteria to qualify as a high net worth or sophisticated investor. The government will carry out further work to review the scope of the exemptions.

PISCES

The government has published a consultation on a new Private Intermittent Securities and Capital Exchange System (PISCES). PISCES will be a new innovative market that will allow private companies to scale and grow, and will boost the pipeline of future Initial Public Offerings (IPOs) in the UK.

Financial Conduct Authority (FCA) Value for Money (VFM) proposals

The FCA’s spring VFM consultation will include proposals to require the publication of contract-based Defined Contribution (DC) default funds’ historic net investment returns and a breakdown of their UK investments. Proposals will require schemes to compare their performance, costs and other metrics against those of at least two schemes managing over £10 billion in assets. This is an initial level expected to increase significantly over time. In coordination with the FCA the government will legislate at the earliest opportunity to apply the VFM framework across the market and provide the Pensions Regulator with new powers, using secondary legislation if necessary to ensure key disclosures are in place by 2027.

British Savings Bonds

The government has announced that National Savings & Investments (NS&I) will launch a product which will offer consumers a guaranteed interest rate, fixed for three years. This product will increase savings opportunities available to consumers in the UK and will be brought on sale in early April 2024.

UK ISA

The government will create an additional Individual Savings Account (ISA) with a £5,000 allowance. This would be in addition to the £20,000 that can be subscribed into an ISA. The government will consult on the details.

NatWest retail offer

The government intends to deliver a sale of part of its NatWest shareholding to retail investors. A sale would take place this summer at the earliest, subject to supportive market conditions and achieving value for money for the taxpayer. Further information will be made available on gov.uk.

NatWest shareholding

The government intends to fully exit its shareholding in NatWest Group by 2025-26, subject to supportive market conditions and sales representing value for money.

Pensions Lifetime Provider

The government has confirmed that it remains committed to exploring a lifetime provider model for Defined Contribution (DC) pension schemes in the long-term. The government will undertake continued analysis and engagement to ensure that this would improve outcomes for pension savers, and build on the foundations of reforms already underway, including the Value for Money Framework.

Audio-Visual Expenditure Credit: Enhanced credit for UK independent film

A UK Independent Film Tax Credit will be introduced at a rate of 53% on qualifying film production expenditure. This enhanced Audio-Visual Expenditure Credit will be available for films with budgets under £15 million that meet the requirements of a new British Film Institute test. Productions can make claims from 1 April 2025, in respect of expenditure incurred from 1 April 2024 onwards provided that films started principal photography from 1 April 2024.

Business rates: Film Studios Relief

Eligible film studios in England will receive a 40% reduction on gross business rates bills until 2034. The relief will be implemented as soon as possible, and bills will be backdated to 1 April 2024. This is a tax cut worth around £470 million over the next 10 years. Studios will remain eligible for Improvement Relief. English Local Authorities will be fully compensated for the loss of income as a result of this relief and will receive new burdens funding for administrative and IT costs.

Audio-Visual Expenditure Credit: Additional tax relief for visual effects

Following a call for evidence at Autumn Statement 2023, the credit rate for visual effects costs in film and high-end TV will be increased to 39% from April 2025, and the 80% cap will be removed for qualifying expenditure for visual effects costs. The government will consult on the types of expenditure that will be in scope of the additional tax relief and implement the measure through a future Finance Bill.

National Theatre funding

The government is providing £26.4 million to upgrade the National Theatre’s stages and infrastructure.
Green industries

Increasing funding for the Green Industries Growth Accelerator (GIGA) and announcing sector funding splits

The government is increasing the GIGA budget by up to £120 million to further support expansion of low carbon manufacturing supply chains across the UK, lowering costs and accelerating the transition. Up to £390 million of the GIGA funding is expected to go to supply chains for offshore wind & electricity networks and up to £390 million is expected to go to supply chains for Carbon Capture Utilisation and Storage (CCUS) and hydrogen. This sits alongside the £300 million already allocated to nuclear fuels for the High Assay Low Enriched Uranium (HALEU) programme.

Final parameters for the next renewable energy Contracts for Difference Allocation Round

The government has published full parameters for the Contracts for Difference Allocation Round 6 (AR6), including setting the largest ever budget for a single round, of over £1 billion.

Nuclear Siting and SMR competition

The government has reached agreement on a £160 million (excluding taxes) deal with Hitachi to purchase the Wylfa site in Ynys Môn and the Oldbury-on-Severn site in South Gloucestershire. The government has also announced that we have moved to the next stage of the Small Modular Reactor competitive process, with six companies now invited to submit their initial tender responses by June.

AI Upskilling Fund Pilot

The government is announcing a new £7.4 million AI Upskilling Fund pilot that will help SMEs develop the AI skills of the future.

Data pilots to support AI and data access

The government is introducing two new data pilots to drive high quality AI in education and improve access to data in adult social care for a total of £3.5 million, and confirming the design details of the data research cloud pilots announced last year.

Turing Institute

The government is announcing that it will invest up to £100 million in the Turing Institute over the next five years.

Life Sciences manufacturing funding competitions

Building on the Autumn Statement 2023 announcement of £520 million new funding for Life Sciences manufacturing, the government is announcing that funding competitions for large scale investments will open for expressions of interest this summer with a separate competition for medium and smaller sized companies opening in the Autumn.

Medical research charities early career researchers

The government is providing £45 million through the Medical Research Charities Early Career Researchers Support Fund.

Investment Zones next steps

The government has announced further details on Investment Zones in Greater Manchester, Liverpool City Region, North East of England, South Yorkshire, West Midlands and West Yorkshire. The government has also confirmed that the Tees Valley Investment Zone will focus on the digital and creative sectors. Further details on the Tees Valley and East Midlands Investment Zones will be announced shortly.

Extension of Investment Zones programme

Investment Zones will be extended from five to ten years in Scotland and Wales, matching the extension announced for England at Autumn Statement 2023. Full details of the four Investment Zones in Scotland and Wales will be announced later this year. Details on the Northern Ireland Enhanced Investment Zone will be published soon.

Freeport tax reliefs sunset date extension

The tax reliefs available in Freeport tax sites are being extended from five to ten years, until September 2031 in England, and September 2034 in Scotland and Wales.

Investment Opportunity Fund prospectus

The government has published the prospectus for the Investment Opportunity Fund. The prospectus sets out the details on how the fund will support investment into Freeports and Investment Zones across the UK.

North East “Trailblazer” Devolution Deal

Following commitments in the previous North East Level 3 devolution deal announced in December 2022, the government has agreed a deeper “trailblazer” devolution deal with the North East Mayoral Combined Authority.

Boosting Trade and Investment in Northern Ireland

The government is committing £2 million to boost global investment and trade opportunities for Northern Ireland.

Level 2 Devolution Agreements

At Autumn Statement 2023, the government offered Level 2 devolution powers to some councils which cover a whole county or functional economic area. The government has finalised the first of these agreements with Surrey County Council, Buckinghamshire Council and Warwickshire County Council.

Support for culture and investment in the West Midlands

The government has announced £15 million of funding for the West Midlands Combined Authority to support culture, heritage and investment projects in the region, subject to a business case. This will provide £10 million of funding to support culture and heritage projects, and £5 million to drive inward investment in the region.

Theatr Clwyd funding

The government will provide £1.6 million for Theatr Clwyd in Wales, subject to business case approval. This is the largest producing theatre in Wales and the funding will help support a major refurbishment.

Expanding the Long-Term Plan for Towns

The government is announcing £400 million of investment to extend the Long-Term Plan for Towns to a further twenty places across the UK. This provides places with ten years of endowment-style funding and support worth up to £20 million to invest in communities and regeneration. The full list of towns is: Royal Sutton Coldfield, Darlington, Runcorn, Canvey Island, Thetford, King’s Lynn, Ramsgate, Eastbourne, Harlow, Newton-le-Willows, Rawtenstall, Wisbech, Carlton (Gedling), Bedworth, Arbroath, Peterhead, Kirkwall, Rhyl, Derry/Londonderry, and Coleraine.

Village halls

The government is providing an additional £5 million for the Platinum Jubilee Village Halls Fund, to support local village halls across England to remain at the heart of their communities.

Capital regeneration projects

The government is investing £23.7 million across two shovel-ready capital projects in Bradford and Ashfield, to support regeneration in places across England.

Community regeneration projects

The government is providing £6 million of funding for work with the King’s Foundation to pilot how community led regeneration projects anchored around heritage assets and sustainability considerations can complement government’s wider place-based initiatives for levelling up, subject to business case approval.

Levelling up culture projects

The government is confirming the allocation of £100 million of funding for culture projects (subject to business case), recognising the important role that culture and pride in place have to play in levelling up. This will support a combination of nationally-significant cultural investments such as the British Library North in Leeds, National Railway Museum in York, and National Museums Liverpool, as well as the development of cultural projects in places previously prioritised for levelling up investment but which have not to date received levelling up funding, including in High Peak, Redditch and Erewash. DLUHC will publish a full list and explanation on gov.uk.

Scottish cultural regeneration

To ensure every city in Scotland benefits from levelling up, the government will work with the cities yet to receive an allocation – Perth and Dunfermline – to invest a shared £10 million for cultural investment.

What They Said

Jeremy Hunt | Chancellor of the Exchequer

"We stick to our plan with a Budget for Long Term Growth. It delivers more investment, more jobs, better public services and lower taxes. But dynamism in an economy doesn’t come from ministers in Whitehall. It comes from the grit and determination of people who take risks, work hard and innovate. Not government policies but people power. It is to unleash that people power that we have today put this country back on the path to lower taxes. A plan to grow the economy. A plan for better public services. A plan to make work pay. Growth up, jobs up and taxes down".

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Keir Starmer | Labour Leader

"There we have it. The last desperate act of a party that has failed. Britain in recession. The national credit card – maxed out. And despite the measures today, the highest tax burden for 70 years. The first Parliament since records began to see living standards fall, confirmed by this budget today. That is their record. It is still their record. Give with one hand, and take even more with the other, and nothing they do between now and the election will change that. I mean – over 14 years, we have all seen our fair share of delusion from the party opposite. A Prime Minister who thinks the cost-of-living crisis is “starting to ease".

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Rain Newton-Smith | CBI Chief Executive

“Businesses recognise that the Chancellor had to perform a tricky ‘high wire balancing act’ of giving momentum to the economy without sacrificing hard-earned progress on bringing down inflation. Doing that successfully meant focusing on the horizon ahead – and the Chancellor is right to keep his gaze fixed on the structural challenges facing the UK economy. Having delivered a sizeable down payment to business confidence in last year’s Autumn Statement, firms were looking for a budget that prioritised delivery while signalling a sustainable plan for growing the economy. Giving providers greater long-term certainty will help ensure a successful rollout of crucial childcare reforms and delivers on a key priority for businesses across the country”.

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Shevaun Haviland | Director-General of the British Chambers of Commerce

“Following the Autumn Statement this Budget was always set to deliver less for business although changes to National Insurance will provide some momentum. However, beyond this there were no major announcements to help shift the dial on conditions for business. The clock is now ticking to the General Election – and this Budget could be the last fiscal event before voters go to the polls. Business confidence is improving but the coming months will remain challenging for many companies. It is vital that the economy remains front and centre of the campaign to come”.

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