The governments “Spring Statement” will take place on 23 March 2022.

This is meant to be an economic and fiscal forecast and not a budget in which tax changes will be announced. However, will history repeat itself!!!

We only have to look back 6 months to the Autumn Statement on 27 October 2021, which again was not meant to be a budget but a spending review in light of COVID, during which the increases to National Insurance, the “Health Care Levy” and the increase in the rate of dividend tax were announced.

So, what can we expect this time round? It is thought that any major tax changes or spending announcement may be held back until later this year when we may have a proper budget.

It is expected that Rishi will announce consultations on potential new polices, which will take place over the coming months but is also being pressured into considering the rising cost of living, which will be impacted greatly by the coming energy price increases. Therefore, we will wait with bated breath to see whether he announces a delay to the increases in National Insurance mentioned above.

Although both Rishi and Boris are adamant that the increases will go ahead, will peer and public pressure prove too much?

Any important changes will be covered on our website and in a special blog in the days following the spring statement.