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Spring Statement 2022

On 23 March 2022, the Chancellor will deliver his Spring Statement. Read ICAEW's analysis and reaction.
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Initial ICAEW analysis

Read ICAEW's analysis and reaction on the 23 March 2022 Spring Statement.
Budgets and spreadsheets

Chancellor sets out low tax, higher growth economic vision

Rishi Sunak delivered the annual Mais lecture at Bayes Business School on Thursday 24 February – just under four weeks from the Spring Statement. ICAEW’s Tax Faculty highlights the key points.
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Boost to tax revenues is a dilemma for the Chancellor

January’s public sector finance surplus of £2.9bn puts further pressure on Chancellor Rishi Sunak to increase support to households facing huge rises in energy prices
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Insights and tax news

Public finances raise hopes for Spring Statement giveaway
  • Article
  • 22 Mar 2022
February’s £13.1bn deficit was offset by revisions to prior month estimates, boosting public finances and putting further pressure on the Chancellor to provide more help to households and businesses facing rapidly rising prices.
Sunak should ‘accelerate’ transition to net zero, says Izza
  • Article
  • 16 Mar 2022
Ahead of the Spring Statement, ICAEW calls for the government to speed up the transition to net zero and build greater resilience at regional levels across the UK economy.
Spring Statement: will there be any tax announcements?
  • Article
  • 15 Mar 2022
Rishi Sunak is due to deliver his Spring Statement on 23 March. ICAEW’s Tax Faculty will host a webinar on 24 March to explain what this means and the outcomes.
Chancellor hints at redesign of R&D tax regime
  • Article
  • 15 Mar 2022
As the existing research and development tax relief regime faces criticism that it is not working as well as it should in increasing investment, speculation rises that an overhaul is imminent.
Exclusive New tax measures for 2022
  • Article
  • 28 Feb 2022
Angela Clegg outlines changes scheduled for April 2022 involving uncertain tax treatments, plastic packaging tax, residential property developer tax, MTD for VAT, trading licences, QAHCs, reliefs for the creative sector, tonnage tax, and national insurance.
Finance Bill 2021-22 receives Royal Assent
  • Article
  • 02 Mar 2022
Finance Act 2022 received Royal Assent on 24 February 2022, bringing into law various tax measures with effect from that date, including a package of measures designed to tackle promoters of tax avoidance schemes.

Tax Faculty's Spring Statement webinar

Rishi Sunak is due to deliver his Spring Statement on 23 March. Although this update is not a Budget, the Chancellor may take the opportunity to launch consultations or roadmaps for future tax policymaking. Whether the statement contains a little detail on tax or a lot, join Anita Monteith, Head of Taxation Policy, and other members of the Tax Faculty team on 24 March for a webinar discussion.
 
Book here
Tax

Business Confidence Monitor: National

UK Business Confidence Monitor: National
The latest ICAEW Business Confidence Monitor (BCM) shows how business’ confidence and business performance are affected by coronavirus as well as what challenges businesses are facing.
Business confidence declines to pre-pandemic levels
Business confidence in the UK decreased for a second quarter running, receding to average levels not seen since 2014, in a clear sign that firms are preparing to live with coronavirus, ICAEW survey finds.
Diversify markets and innovate systems to thrive in 2022
ICAEW’s latest Business Confidence Monitor lays the path for a complex year ahead for some manufacturers, with staff shortages, tax burdens and government support difficulties all highlighted as bumps in the road.

The future of tax and public spending

Many of the foundations underpinning our current system of tax and public spending have shifted in the past decade. While some of this has been caused or accelerated by the COVID pandemic, there are also many longer-term shifts.

This content series examines these trends and what they might mean for future tax and public spending policy.

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Charts

Chart of the week: pre-Spring Statement debt forecast
  • Article
  • 17 Mar 2022
This week’s chart reviews the sharp increase in the national debt to GDP ratio as we reflect on the challenges facing Chancellor Rishi Sunak.
Chart of the week: Europe’s gas supply
  • Article
  • 10 Mar 2022
Our chart this week looks at Europe’s natural gas supply and its current reliance on Russian gas to keep homes warm, businesses operating and gas-fired power plants generating.
Chart of the week: Quarterly GDP per head
  • Article
  • 17 Feb 2022
GDP statistics have become much more exciting, with low but steady growth in per capita GDP before the pandemic giving way to large swings as the economy adjusts to a major shock.
Chart of the week: UK government major projects portfolio
  • Article
  • 03 Feb 2022
Our chart this week illustrates how the government has already started on many of the major projects that form part of the Levelling Up White Paper.
Chart of the week: UK quarterly public finances
  • Article
  • 27 Jan 2022
Our chart this week looks at the fiscal forecast for the final quarter of the government’s financial year ending in March 2022.
Chart of the week: energy prices
  • Article
  • 20 Jan 2022
Our chart this week is about domestic energy prices and the Ofgem energy price cap rises expected in April and October 2022.

Ukraine crisis: central resource hub

Resources, news and features on the impact of the Ukraine crisis on accountancy, business and the wider economy.
Find out more
Ukrainian flag against blue sky