The Department for Environment, Food & Rural Affairs (DEFRA) confirmed that several grant funds will reopen, providing financial support for farmers and estates. These grants are designed to help improve productivity, sustainability and innovation across the sector. However, this has been somewhat overshadowed by the closure of the Sustainable Farming Incentive (SFI) scheme, with payments stopped with immediate effect.
The increase to the National Minimum Wages (NMW) from April 2025, will see another increase in NMW since its introduction. While many employees and businesses favour the proposed increases which go some way to offset the uplift in the cost of living, some SMEs oppose the rise saying that it is only a ‘benefit’ to businesses that can afford it.
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The chancellor Rachel Reeves made her first spring statement. She said, ‘now the task is to secure Britain’s future within an insecure global financial backdrop, helping Britain to reach its potential…Labour was elected to bring change to the country, to provide security to working people and to deliver a decade of national renewal.’ The following article outlines the announcements made.
With the end of the tax year fast approaching, there is no time like the present to ensure you have reviewed your finances and made the most of the reliefs and allowances available to you. We also have an end of year tax planning guide that can be found here
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