Davy Research

UK Economy

Budget 2017 plots a cautious path

DAVY VIEW

Today’s UK Spring Budget provided very few headlines. The government’s fiscal position is expected to be broadly unchanged in 2022, leaving the Chancellor little wiggle room within his fiscal rules to loosen the purse strings. In fact, this broadly fiscal-neutral budget raised taxes to fund increases in health and education spending. Key measures announced included an increase in income tax for self-employed, a cut in the tax-free dividend allowance and a business rate relief fund for small and medium-sized enterprises (SMEs) facing sharp revaluations later this year. In all, the Chancellor has taken a cautious approach to the public finances with Brexit looming and economic growth set to slow.

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