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The Spring Budget 2024 for the UK, presented by Chancellor Jeremy Hunt, outlined several key areas of focus. Here are a few of those areas :

Economic Outlook

▪︎ The Office for Budget Responsibility (OBR) forecasts inflation to fall to the government’s 2% target by Q2 2024, a year earlier than previously predicted.

▪︎ Real wages are expected to rise due to falling inflation, with real household disposable income (RHDI) per person growing by 0.8% in 2023-24. The UK economy showed resilience, with a growth of 0.1% in 2023, and the unemployment rate remained low at 3.8% in Q4 2023.

Fiscal Measures

▪︎ The budget aims to reduce Public Sector Net Borrowing (PSNB) by detailing the cost or yield of all government decisions affecting PSNB up to 2028-29.

▪︎ Tax measures, changes to Departmental Expenditure Limits (DEL), and adjustments to annually managed expenditure (AME) are included in the budget’s scope.

Taxation & Spending

▪︎ A further reduction in the national insurance contribution rate from 10% to 8% starting April 2024 was announced.

▪︎ The budget includes policy costings and data sources used in the Spring Budget 2024 document, providing transparency on the government’s financial decisions.

For a comprehensive list of all the changes, you can refer to the official documents released by the government here, which include detailed policy decisions, costings, and their impact on households.

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