The Spring Budget 2024 outlines the UK government’s fiscal and economic policies for the year, as announced by the Chancellor of the Exchequer on March 6, 2024. The government has achieved its economic priorities of reducing inflation, fostering economic growth, and decreasing debt, with the assistance of the Bank of England’s monetary policy.

UK approved its £1139 trillion revenue budget for FY 2024 and the initial estimates for FY 2024 indicate a strong approx. 3.0% growth of real  GDP.

Progress on the growth package from the Autumn Statement 2023 is highlighted, including plans for strategic manufacturing sectors and the introduction of a new UK ISA to encourage investment in UK equities. Support measures for small businesses and creative industries are also outlined, such as adjustments to VAT registration thresholds, changes to Capital Gains Tax, and new tax reliefs for various sectors including film, visual effects, and the arts.

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