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Spring budget 2024 announcements
Lora Murphy MCIPPdip, CIPP editor, provides an update on the announcements from Jeremy Hunt’s spring budget 2024 for payroll, pensions and reward professionals to be aware of
W e eagerly awaited chancellor of the Exchequer, Jeremy Hunt’s spring budget, which was held on 6 March 2024. This was set to be the last fiscal statement ahead of the general election which will take place later this year. As always, there were many rumours and much speculation prior to the big day. Primarily, they focussed on potential cuts to tax but as budget day drew closer, it seemed more and more likely that changes to National Insurance (NI) were going to take centre stage. The chancellor spoke for well over an hour, covering a number of areas. To be honest, not much of this will have massive implications for our professions but there were a few key announcements which will certainly keep us busy in the coming weeks and months. Let’s have a look at them, and get things started by covering the big one… NI changes Let’s be frank here. We already knew Hunt was going to cut the employee main rate of NI by 2p before he actually said it, thanks to reports in the media. But there’s always that short period of time directly before a big announcement where we question if the news is, in fact, going to be
| Professional in Payroll, Pensions and Reward | April 2024 | Issue 99 66
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