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Media comment on UK Spring Budget

Mar 06, 2024 ·

"We welcome the chancellor’s announcement of a public sector productivity plan, especially since it recognises the need for investment to produce these vital enhancements. It would have been good to see more action on increasing private sector productivity. The increase in VAT thresholds and extension of full capital expensing to leased equipment are steps in the right direction. The additional ISA allowance should increase the capital available for UK listed companies to invest, and the child benefit changes ought to improve the labour supply.”

“However, to increase productivity we need to upskill the workforce, and this focus was missing from the budget. We were hoping for reform of the apprenticeship levy to allow more companies, especially SMEs, take advantage of the funding. Further action on upskilling will be required by future administrations if we are to generate sustainable growth and build the high-wage, high-skill economy we all want to see.”

Andrew Harding, FCMA, CGMA, Chief Executive — Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants.

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