After the excitement of the previous budget, we now have the definitive, final 2022 budget from our new Chancellor Jeremy Hunt.
Markets have reacted rather more positively to this budget by doing, well nothing really, which is a ringing endorsement compared to the reaction to the previous ‘budget for growth’ where UK Government debt markets markets briefly tried to show what it’s like to be an emerging market.
The budget wasn’t great news for most of us, with the main positive news being what wasn’t said – there was widescale leaking that the rate of CGT (capital gains tax) was going to be increased, with the actual result being a halving of next year’s allowance, and then another halving the following year.
Projections suggest that it’s going to be quite a while before the current levels of national debt come down to sustainable levels, but the idea that we won’t see a bit of a loosening of the leash in 2024 come the election seems unlikely.
Please, have a read of our handy guide, and get in touch if you have any questions.