“The dark winter days are behind us” | Our CEO’s commentary on Spring Budget 2023

This was a Budget that confirmed the depression and inflationary pressures experienced in the last six months of 2022 were overplayed. There were many other economic indicators which belied the overwhelming sense of doom we were told to expect, and so in recent weeks these have, on the whole, turned out to be a positive sign that things were going to get better quicker than forecast.

This week’s Budget largely confirmed this. Confirmation that we will not enter a recession and inflation will be sub 3% by the end of the year will grab all the headlines – without doubt it is about time there was some positive news in the papers.

As consumers we have been given some further relief on energy bills, fuel and alcohol which is welcome and adds another small spring to our step.

As investors in businesses, we welcome the fully expensing of investment in new plant and machinery and the abolishing of the lifetime allowances coupled with increased annual pension contributions.

Specifically on personal tax and IHT, there was nothing new announced save for the removal of IHT relief from woodlands and agricultural assets outside the UK.

The Chancellor was afforded room to manoeuvre and has played a sensible hand, nothing dramatic but what we needed to feel more positive. The dark winter days are behind us and with individuals and businesses having capital to invest, lets hope the purse strings are loosened and we look ahead with even more reasons to be positive.

Written by Jonathan Gain

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