Budget 2017 – Chancellor adopts a "steady as she goes" approach
In today’s Spring Budget the Chancellor adopted a "steady as she goes" approach. Arguably, this was the sensible option given continuing economic uncertainty and constrained public finances.
Mr Hammond confirmed his overriding objective is to build a stronger, fairer, more global UK. He recognised some of the key challenges that still need to be addressed in order to achieve this, including the UK’s low productivity in comparison to other countries and that too many families are still feeling the squeeze.
Announcements of tax-related measures to address these challenges were few and far between, with many being specifically targeted, and therefore not having a wide impact across the taxpayer population.
The Chancellor's focus was clearly on fairness when it came to tax-related announcements, and one of his key areas of focus was on ensuring fairness between individuals, such as ensuring that people doing similar work for similar pay are paying similar levels of tax.
From Grant Thornton’s perspective, it was a welcome approach as taxpayers continue to analyse and deal with the impact of tax-related announcements made during the Autumn Statement in November, and which are being legislated for in Finance Bill 2017.
In order to help shape a vibrant economy where businesses and people can flourish, we will continue to make the case for certainty and stability in and simplification of the UK tax system.
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The key takeaways for businesses, individuals and employers