The Chancellor’s statement delivered few surprises, with no major changes announced for personal or business taxation.

• The focus was on fiscal discipline – meeting borrowing targets, cutting public spending, and boosting productivity via capital investment and AI.
• The “£500 better off” claim is already being questioned, with many higher-rate taxpayers seeing little real benefit due to frozen thresholds and rising costs.
• The growth forecast was downgraded (from 2% to 1%) and inflation is expected to average 3.2%, highlighting continued economic fragility.
• While tax evasion crackdowns and a June spending review were confirmed, there was no immediate relief for SMEs or changes to inheritance or capital gains tax – despite industry pressure.

“There was little of direct significance for business owners or individuals in this Spring Statement. The government’s focus appears to be on managing spending rather than announcing new tax measures – though that may come in the next Budget. For now, it’s about planning smart, staying compliant, and preparing for possible changes later in the year.” ~ Neal Groves

Key takeaway: No news doesn’t mean no impact – the continued fiscal squeeze, inflation, and HMRC scrutiny mean this is the time to review your tax position and ensure your finances are working as hard as you are.

Need tailored advice? Speak to your usual Beavis Morgan adviser https://www.beavismorgan.com/about-us/our-people/ or email info@beavismorgan.com

“While this sounds positive, the figure is highly dependent on specific assumptions about inflation and earnings growth. For many higher-rate taxpayers and business owners already affected by frozen thresholds and rising costs, the reality may feel quite different.” – Neal Groves

This underlines just how fragile the recovery remains. Slower growth means tighter margins, so both individuals and businesses should be looking to optimise their finances now.

While better than previous highs, inflation at this level still erodes purchasing power. Planning for wage increases and cost control remains a priority for businesses.

This is a welcome step, particularly if investment is directed toward sectors that enable long-term productivity and innovation, like tech and infrastructure.

Jobs to be lost because of this!

Defence spending to be increased to 2.5% of GDP at the expense of overseas aid.

June will be a critical month for forward planning. Business owners should keep a close eye on this, as departmental cuts could affect everything from infrastructure to business support.

A stronger HMRC is long overdue, but there’s a risk that genuine taxpayers get caught in the crossfire. Now is the time to ensure your affairs are in order.