Spring Budget round up 2025

Well, we don’t have the updates we thought we might have… there weren’t any actionable announcements made today.

There were no back tracks on prior announcements, so read our previous blog to understand these as many come into play next week, and we will be watching closely as things unfold over the coming weeks and months.

You can view our previous blog, An easy-red guide to the Autumn Budget 2024, here.

If you did want insight into today’s spring statement, here’s our summary:

Rachael Reeves said:

‘The increase in national minimum wage means 3 million to get a pay rise from next week.’

‘We are one of the world’s largest trading economies and a hub for global innovation’

‘Her party want to ensure prosperity and security for working people.’

These were her announcements:

• Additional HMRC investment to raise £1bn additional taxes not being paid.
• Saving £4.8 billion in the welfare package through pathways to work paper.
• Universal Credit to £106 a week by end of the term. Health element cut 50% and frozen for new applicants.
• 2.5% of GDP defence spending targets and cutting international aid.
• Pledge to reduce government running costs by 15% by the end of the decade.

About 10,000 civil service jobs are expected to go, including staff who work in HR, policy advice, communications and office management.

• Increase in capital spending by £2 billion per year to drive economy growth and improving public services.
• New opportunities for start-ups and tech firms.
• UK export finance initiatives for defence companies.
• Defence growth board to be established.
• Mandatory housing targets.
• Planning reforms will lead to a 40-year high in house building.

That’s the round up for now!

Keep an eye on this page, and our socials, for further updates.

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In the meantime, if you have any questions, feel free to give us a call on 01872 267 267, email us contact@whyfield.co.uk, or message us on WhatsApp 0777 49 39 111