Following the Government’s Spring Statement in March, Chancellor Rachel Reeves announced the Government’s Spending Review yesterday in parliament. Chancellor Reeves focus was set upon investment to further encourage the economic growth as outlined by the OBR forecast in the Spring Review, with an emphasis placed on ‘energy security’ — a pertinent point for the Government given the events unfolding internationally.
Closer to home, Chancellor Reeves announced increased investment for many public sector services, including increased funding for the NHS, social housing, transport and the steel industry.
The Government made an anticipated backtrack in re-establishing the Winter Fuel Payment for eligible pensioners (as opposed to their previous blanket ban on this payment).
The Government seemed keen to promote innovation in industry and business by means of allocating £22 billion per year to the field of Research and Development, with an additional funding of £2 billion for investment in artificial intelligence technology. Government funding increased in the state-run British Business Bank to aid businesses scale-up. Looking forward, £1.2 billion investment was put aside for skills training for the next generation of workers.
Amidst this investment drive, apprehension has been expressed at the possibility of raised council tax rates.
The Spending Review is not a Budget, and thereby no taxes were changed nor a host of new policies announced — but the measures outlined in the Chancellor’s Spending Review may will have an impact on you, your business and your finances.
To better understand the announcements and implications of the Spending Review 2025, please click on the thumbnail below to access the WHA’s Spending Review 2025 summary.
As always, the WHA Team are on hand to help you understand how the Chancellor’s announcements impact both your personal circumstances and business operations, so please feel free to contact us on 020 8878 8383 or via email on info@whitehartassociates.com.
