Chancellor of the Exchequer Jeremy Hunt was brought in as a safe pair of hands by Liz Truss amid the fallout from last year’s Mini Budget. Of course, Ms Truss herself did not survive much longer, and after being kept in post by Rishi Sunak, Mr Hunt delivered his Autumn Statement, in which he announced a package of tax rises and spending cuts worth £55bn.
Four months later, Mr Hunt finds himself in the unusual position of becoming just the second of the past five chancellors to hold a full Budget - the last one being Mr Sunak himself. As ever, the Chancellor must juggle different priorities, from managing global economic headwinds and tackling the cost of living crisis, to boosting productivity and encouraging more businesses to invest in the UK.
At the same time, Mr Hunt will be mindful of maintaining the confidence of the markets and assuring the voting public that the Conservatives are the party of fiscal responsibility. And of course, he will be acutely aware of the feelings of many backbench Conservative MPs who are calling for sweeping tax cuts at a time when the UK’s tax burden is at a 70-year high.
If you have any questions about how any of these changes may impact your financial plans, please get it touch with your Ascot Lloyd Financial Advisers who will be happy to help.