The Spring Budget 2024, delivered by the Chancellor of the Exchequer on March 6, 2024, delineates the fiscal strategies of the UK government amidst the prevailing challenges posed by the COVID-19 pandemic, surges in energy prices, and global inflationary pressures. Notwithstanding these adversities, the government remains steadfast in its commitment to attenuate inflation, stimulate economic growth, and reduce debt, with the collaborative support of the Bank of England’s monetary policy.

A total allocation of £4.2 billion is earmarked for the Public Sector Productivity Programme for the fiscal year 2024-25. Tax reforms have been introduced to incentivize employment, streamline the tax framework, and establish a residence-based tax regime for non-UK domiciled individuals. Notable advancements have been made on the growth package outlined in the Autumn Statement 2023, encompassing support initiatives for small enterprises and the creative industries.