The Chancellor delivered his Spring Statement today (23 March) in Parliament. Rishi Sunak focused on the cost of living crisis with a suite of measures primarily aimed at relieving financial pressures on families.
In our immediate media reaction, Stephen Marcos Jones, CEO EIC said: “Rising inflation is the backdrop to the Chancellor’s update with the official forecast from the OBR peaking at around 9% in 2022. The resulting impact – coming after what have been two extremely challenging years – means difficult times ahead for all businesses in all sectors.”
“Whilst our members may not be as directly exposed as those working in other sectors, inflationary increases affect every single company which is why we would have expected more proactive, immediate and targeted moves to mitigate current inflationary pressures on UK PLC.”
Stephen has explored the Statement in more detail in a blog on our site.
The Spring Statement made additional announcements around a wider scope and scale to R&D tax reliefs, a review of the tax system and apprenticeship levy and shared details of measures to cut VAT on energy efficient installations on homes to zero percent.
As in previous years, to help members digest the announcements made, we have produced an exclusive member-only briefing. Members will receive a copy via email.
We also hosted a member-only webinar on Thursday 24 March at 12pm. Joining EIC's Stephen Marcos Jones were guests from the CBI, Green Alliance, AECOM and ACE. Together explored what it all meant for ambitions around Net Zero and Levelling Up, and what it meant for your business’ bottom line. Replay it below.