Download CBW’s Spring Budget Report 2023 here.

It is a brave Chancellor that admits that under his Budget, the working population’s taxes are going to go up without giving an inkling of when – or even if – they will come back down again. But that is exactly what this Chancellor has done.

Taxes are the highest they have been for 70 years – estimated at 37.7% of GDP by 2027 – and there was little for working families, ‘young’ or middle-aged people starting out in their careers to feel happy about in this Budget. We have sympathy with him though. The combination of borrowing as a result of the pandemic – £400billion – and the energy crisis – £100billon – coupled with stagnant growth, has left little opportunity to do anything other than tinker around the edges and raise taxes to pay for it all.

What next?

If you have any questions around the Budget, please do not hesitate to get in touch with a member of the CBW tax team.