IFoA briefing: Spring Budget 2024

6 March 2024

In what is likely to be the final timetabled financial statement of this Parliament, the Chancellor Jeremy Hunt stated that he was delivering a Budget that would ensure long-term growth in the economy and enhanced resilience against future shocks, such as the ones experienced with COVID-19 and the war in Ukraine.

The flagship measure of the statement was the widely trailed cut in National Insurance by 2pc, with the Chancellor signalling that a future Conservative-led government might abolish National Insurance entirely.

Other significant announcements included the confirmation of the abolition and replacement of the non-UK domicile tax rules with a residence-based regime, a vaping products levy from October 2026, and the introduction of a new ‘British ISA’.

Measures of specific interest to members included:

  • a pledge to bring forward requirements for defined contribution pension funds to publicly disclose the breakdown of their asset allocations, including UK equities
  • £100 million in investment to the UK’s new AI Safety Institute
  • continued work on a new value for money pensions framework

View the full member briefing (PDF, 230 KB)