 What to expect from the Spring Budget Statement 2024 BBC NEWS briefing & briefing Times update & update Daily Telegraph update Financial Times update HM Treasury website See a guide to Budget statement buzzwords. More... Autumn Statement 2023 report More Report of the Spring Statement 2024 As usual we will have a prompt report on what the Chancellor has to say shortly after he finishes his statement to MPs highlighting the key points of interest to V8 Register members. Updated: 240305 Posted: 240213 |
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Jeremy Hunt is expected to announce a 2p cut to National Insurance when he delivers his Budget tomorrow. The plan - which matches a cut announced in the Autumn Statement - was first reported in The Times. Update 240227 Steven Swinford, Political Editor for the Times, says "Jeremy Hunt is expected use next week's budget to cut national insurance rather than income tax and announce a new levy on vaping. The Chancellor has significantly scaled back his plans after official forecasts suggested that he would have far less money to spend than expected. The Government has also shelved plans to cut stamp duty and inheritance tax and to extend child benefit to middle-income families. The two main tax cuts are set to be a one percentage point reduction in employee national insurance at a cost of about £4.5 billion a year and an extension of the fuel duty freeze, costing £1 billion a year". The Spring Budget on Wednesday 6th March is expected to be far more limited than last year's Autumn Statement. Times online 240227 Spring Budget Statement 2024: when is it and what will Jeremy Hunt unveil? Chancellor of the Exchequer Jeremy Hunt will deliver his Spring Budget Statement on Wednesday 6th March to the House of Commons when he will update MPs on the country's finances and the Government's plans for tax and public spending, based on the latest forecasts from the Office for Budget Responsibility (OBR). The Chancellor's statement will need to provide information on the UK Government's anticipated revenue generation and announcements on plans for taxation and public spending for 2024-25 and beyond. Although Prime Minister Rishi Sunak has indicated he expects the general election to be held in the second half of 2024, he has not ruled out the possibility of it being held in May this year. It has to be held before January 2025. Although Spring Budgets don't usually include any major policy changes, the Chancellor could be tempted to pull a rabbit out of the hat to attract votes in the election. The Spring Statement will start at 12.30pm after Prime Minister's Questions and it's expected to last for a maximum of an hour. As usual we will have a prompt report on the statement and the measures announced by the Chancellor of interest to classic motoring enthusiasts which will posted here within an hour or so of his sitting down in the House of Commons. What could we see of interest to classic car enthusiasts? The Chancellor is likely to tread carefully to avoid any increases in taxes and duties that could have a detrimental impact on voters' emotional views influencing how they might vote. So modest road tax increases following previous patterns are likely but one would expect fuel duty will remain unchanged as increases have an impact on voters costs and also have a compounding effect in the economy more widely. We hope there will be no further increases in Insurance Premium Tax (IPT). Classic car enthusiasts will very much hope the rolling 40 year road tax exemption for cars with "Historic VED" status will continue. A change to a 30 year rolling basis seems very unlikely so unfortunately RV8 enthusiasts will need to wait for the existing VED exemption benefit to reach them until 2033. Tackling local council funding difficulties - this has clearly become a serious concern and local council tax increases seem inevitable. For motorists (and other road users) the growing concerns over pothole problems and the dangers they can cause to vehicles is a real issue but clearly the squeeze on council funding is not helping improve the repair and maintenance of roads. |
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