- The Chancellor of the Exchequer, Jeremy Hunt, on 6 March 2024 delivered the UK’s 2024 Spring Budget, outlining the government's tax and spending plans. With a UK General Election expected in the second half of this year, the main measures announced by the Chancellor were aimed at employees and working families. However, the Chancellor also sought to encourage business investment through specific investment incentives.
- Business tax developments include the government’s intention to consult on including leasing assets within the regime allowing for the ‘full expensing’ of capital expenditure, and additional reliefs for the UK’s creative industries.
- The government has also published the prospectus for a new £150m Investment Opportunity Fund, which sets out details on how the fund will support investment into Freeports and Investment Zones across the UK. This Investment Opportunity Fund will be available to ensure that Investment Zones and Freeports can respond nimbly as investment opportunities arise.
- The government is continuing to empower local leaders by extending and deepening devolution across England, to support regional growth ambitions – e.g. a new Level 4 “trailblazer” devolution deal with the North East Mayoral Combined Authority (new funding potentially worth over £100 million, including a new Growth Zone).
- The government committed £4.2 billion of funding at Spring Budget 2024 to improve the productivity of the public sector.
- Timing: there are various initiatives aimed at encouraging growth, each with a different timeline.
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