“Cuts in taxation are always welcome and it was good to see the Chancellor address the inequity of the child benefit tax charge. It was also good to see Treasury have been listening to the CPS when it comes to using the sale of NatWest shares to boost share ownership in the UK.”
“This Budget didn’t really address the UK’s long-term fiscal challenges, particularly around the impact of an ageing population. On the other hand, it did highlight the absurdity of setting tax policy based on highly variable five-year debt forecasts. Fiscal rules should be a good thing, but the way we’re using them makes no sense at all. There’s no getting away from the fact that raising living standards in the long run depends on generating faster economic growth. And that means prioritising tax reforms with genuine pro-growth impact, fixing our broken planning system so that we can build more of everything, and accepting that we need to couple spending restraint with major reforms to public services.”
“It’s encouraging that the Government understands the overwhelming need to cut taxes from the current record high, and the benefits that doing so brings to individuals, families and businesses. The Adam Smith Institute welcomes the cut to National Insurance, as well as the Chancellor’s commitment to even greater tax cuts in the future. Ideally, these would be both soon and include the abolition of entire taxes, like the immoral death tax, and even scrapping National Insurance itself. This would end the farce of double taxation on income by merging income tax and National Insurance for good.”
TaxPayers’ Alliance – John O’Connell, Chief Executive – “It was encouraging to hear the chancellor talk about a simpler tax system”
“Alongside some wins for motorists, pub-goers and workers it was encouraging to hear the chancellor talk about a simpler tax system, given much of the pressure on taxpayers comes from complexity. That said, taxes overall are still set to increase, placing even greater pressure on households and businesses. The government must prioritise cutting the tax burden, and to do that there must be a much firmer grip on the cost of government crisis.”
Joseph Rowntree Foundation – Paul Kissack, Chief Executive – “A short term patch up of [the] government’s own failed systems”
“This was a Budget for big earners and big owners. Prioritising capital gains tax cuts for owners of multiple properties is an insult to almost four million people facing destitution in the UK today. The Chancellor stood up at the despatch box today and announced a short term patch up of his government’s own failed systems. He was right to extend the household support fund, which has given essential help for some families at difficult times. But extending a temporary support scheme for a paltry six months doesn’t equate to fixing the fundamental problem that made its existence necessary.”
“Jeremy Hunt has made the best of a bad hand, prioritising tax cuts for working families and investing in levelling up. But it’s clear that the Chancellor had little room for manoeuvre. Raising the income threshold for child benefit and cutting national insurance are hugely welcome moves to boost growth, help more people into work, and support families. But the most welcome news today was that inflation will fall to 2% a year ahead of the Government’s target.The challenge is now to get the economy growing and for the Government to set an optimistic vision. More investment in towns, new devolution deals, and measures to boost pension investment will help, but more is needed ahead of the election.”
“Today’s slash-and-crash budget put politics before the needs of the nation. No one believes that future cuts to day-to-day spending are possible, or that squeezing public investment further is sensible, yet the government chose to slash taxes today at the expense of crashing public services tomorrow. With the NHS, pensions, childcare and defense spending likely to be protected, future spending plans imply big cuts across other key public services. This isn’t fiscally responsible, economically desirable nor politically popular. ”
“With the economy stagnating, productivity sluggish, and growth elusive the Spring Budget was an opportunity for the Chancellor to pull every lever available to fire up the British economy, unfortunately this Budget falls far short of what is needed when it comes to building the economy boosting homes Britain needs.Britain Remade’s analysis shows that by building the 300,000 homes, and doing so where housing costs are the highest, would not only mean young people could get on the housing ladder, it would significantly grow the economy by up to £22.5 billion.”