A recessionary budget from a principled chancellor?

The Chancellor, Jeremy Hunt, today confirmed that the UK is now officially in recession. His response was to introduce two new fiscal rules and two new fiscal principles.

• Rule 1: That the UK’s national debt must fall as a share of GDP by the fifth year of a rolling five-year period; and
• Rule 2: That public sector borrowing in the same year must be below 3% of GDP. 

Overall, the Autumn Statement is set to improve public finances by £55 billion by 2027-28, with the OBR forecasting both of these rules to be met a year early in 2026-27.

Spring Statement analysis

The Chancellor of the Exchequer, Rishi Sunak, presented his Spring Statement to Parliament today, Wednesday 23 March 2022, and the tax experts at TaxCalc were on hand to analyse and disseminate the finer details.

Autumn Budget and Spending Review 2021

The Chancellor of the Exchequer, Rishi Sunak, presents his Autumn Budget and Spending Review to Parliament today, Wednesday 27 October 2021 and the tax experts at TaxCalc are on hand to analyse and disseminate the finer details of any announcements. Keep checking back here for live updates and commentary. 

Spring Budget 2021: The headlines

Following the budget annoucement on Wednesday, here are some key takeouts from Chancellor Rishi Sunak’s economic plan to help the UK's recovery from the COVID pandemic, its impact on businesses and individual taxpayers.