With the UK entering a technical recession at the end of 2023 and a general election on the cards this year, Chancellor Jeremy Hunt was under pressure to deliver a Spring Budget that demonstrated fiscal responsibility and generosity. Dubbing the fiscal statement a ‘Budget for long-term growth”, Hunt focused his speech on delivering tax breaks, boosting investment and tackling unfairness in the UK tax system.
The Chancellor of the Exchequer has announced his Spring Statement in a rather raucous speech at the House of Commons stating:
‘At the beginning of 2023 the Prime Minister set out five priorities, three of which were economic; to halve inflation, grow the economy and get debt falling. At Spring Budget the government is delivering on these priorities; inflation has fallen, growth has been more resilient than expected and debt is forecast to fall.’
HMRC will keep an eye on the bank accounts of millions of people who earn extra cash from side jobs. HMRC is set to keep a close eye on millions of bank accounts as part of a tax crackdown. This new rule will impact people who earn extra money from side jobs, often known as side hustles.
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