In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced plans to promote growth in the life sciences and research and development (R&D) sectors, which include a commitment to reform public spending, boosting technological and digital transformation in the NHS and delivering the UK’s growth plan by launching the UK’s first investment zones in North England and the Midlands. The Association of the British Pharmaceutical Industry (ABPI) welcomed Hunt’s Spring Budget 2024 announcement. Sally Robertson, senior associate at Taylor Wessing, comments on the measures announced.

Private Client analysis: A summary of the key personal tax announcements made in the Chancellor’s Spring Budget on 6 March 2024.

Tax analysis: A summary of the key business tax announcements made in the Spring Budget on 6 March 2024. Key announcements include replacing the non-domicile rules, further reductions in the rate of primary Class 1 National Insurance contributions (NICs), abolishing SDLT multiple dwellings relief (MDR), abolishing the furnished holiday lettings (FHL) tax regime and reducing the higher rate of capital gains tax for residential property disposals. Expert comment provided by Pinsent Masons, CMS Cameron McKenna Nabarro Olswang, Andersen LLP, Gide Loyrette Nouel, PKF Francis Clark, Pump Court Tax Chambers, Bryan Cave Leighton Paisner, Bristows, Burges Salmon, Eversheds Sutherland, Cooley (UK) LLP, Taylor Wessing, Blick Rothenberg, Gateley Capitus and Old Square Tax Chambers.

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced several measures that will be of interest to banking & finance lawyers. The measures include the extension of the Recovery Loan Scheme (renamed the Growth Guarantee Scheme) until end of March 2026, a consultation on the UK implementation of the OECD Cryptoasset Reporting Framework and amendments to the Common Reporting Standard, while ESG ratings providers will be brought into the regulatory perimeter of the Financial Conduct Authority (FCA).

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made a number of announcements with implications for the construction industry. This includes funding for transport infrastructure, updates to the Investment Zones programme, increasing housing supply, and supporting investments in plant, machinery and equipment.

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, Jeremy Hunt announced cuts to the main rate employee National Insurance (NI) and the main rate self-employed NI. The Budget was notable for the absence of a previously suggested cut in the basic rate of income tax from 20% to 19%.

In the Spring Budget 2024 the chancellor of the exchequer, Jeremy Hunt, made a number of announcements affecting the financial services sector, including the potential creation of a Private Intermittent Securities and Capital Exchange System (PISCES) to allow private companies to scale and grow. Other measures aim to promote better value for money in the pensions sector, as well as increasing the amount of UK equities pension funds hold. A new UK ISA and British Savings Bonds were announced, while ESG ratings providers will be brought into the regulatory perimeter of the Financial Conduct Authority (FCA). The government has launched consultations on the PISCES (responses are due by 17 April 2024) and on the UK ISA (responses are due by 6 June 2024).

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, set out the government’s key priority to grow the economy by channelling more capital into equity markets in the UK, boosting the UK’s competitiveness as a listing destination, and building on the Mansion House reforms announced in the Autumn Statement 2023. The key pensions reforms include requiring defined contribution (DC) funds to publicly disclose the breakdown of their asset allocations, increasing the regulatory powers of the Pensions Regulator (TPR) and Financial Conduct Authority (FCA) to close or wind up a scheme in line with the Value for Money (VFM) pensions framework, and introducing new reporting requirements for the Local Government Pension Scheme (LGPS) that require LGPS funds to provide a summary of asset allocations and provide a standardised data return. The government also confirmed that it is maintaining the pensions triple lock and remains committed to exploring a lifetime provider model for DC pension schemes in the long-term. The government also launched the Spring Finance Bill 2024, which includes provisions on the treatment of funds transferred from a collective defined contribution (CDC) scheme in the process of a winding up. Michael Aherne, partner in the pensions team at Herbert Smith Freehills, Paul Carney, partner at Shoosmiths, Rosalind Connor, managing partner at Arc Pensions Law, and Tom McNaughton, counsel, Jonathan Sharp, partner, and Victoria Thompson-Hill, knowledge lawyer, at Baker McKenzie, comment on the implications of the Spring Budget 2024 for Pensions.

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made several announcements of relevance to Public Law practitioners, including on the Public Sector Productivity Programme, Horizon IT Scandal redress, government spending, changes to the Local Government Pension Scheme reporting requirements and devolved affairs. Julia Cockroft and Miranda Cass, partners at Bristows comment on the package of measures.

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made several announcements affecting the TMT sector including the support of small and medium-sized enterprises (SMEs) growth through government investment into artificial intelligence (AI), the launching of a SME Digital Adoption Taskforce, investments in digital transformation in the NHS and quantum computing. Hunt also announced the government’s commitment to supporting the creative industries with a dedicated Investment Zone, over £1bn in additional tax relief until 2029 and the addition of tax credits and reliefs. Rosie Burbidge, partner at gunnercooke reflects on the announcements and the impact on practitioners.

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced more funding for public services outside the NHS and reforms to public spending which committed additional funding for investigating crime and improving criminal justice and included investment in the adoption of AI to facilitate the fight against crime.

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made several announcements of relevance to local government practitioners, including on governance, local government finance, healthcare, education, children’s social care, social care, social housing and planning. Alan Murdie, Barrister of Council Tax Legal Services, Crowley Woodford, Partner at Ashurst, and Chrisa Tsompani, Partner at Davitt Jones Bould, have commented on the measures announced and the impact on local government practitioners.