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Yesterday, the Chancellor announced his Spring Statement with several changes coming into place from April. These changes are coming into play due to several factors including the recent global pandemic and the current situation happening in Ukraine.

As always, we believe in providing a clear breakdown of what has happened, so we’ll be covering a variety of different topics in today’s blog.

Let’s get started…

Economic Forecast

Let’s start with a breakdown of the economic forecast…

What’s the impact on businesses?

From April 2022 the Employment allowance will be increasing by £1,000 to £5,000

With the increase to the employment allowance, this statement builds on the previously announced support for SMEs including: 

Personal

The impact on individuals is something that was a key topic in the Spring Statement. Especially with the ongoing rise in both inflation and energy bills.

Health & Social Care Levy is coming in from 6th April 2022 in two phases, helping to fund the NHS.

If you find yourself still feeling a bit confused about how the Spring Statement will affect you, why not drop us a message? Click here and we will get back to you ASAP!

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