Budget Hub
Welcome to our Budget Hub, your go-to destination for key updates and insights for both you and your business.
Spring Statement 2025
On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament.
Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people. With further borrowing ruled out and a determination not to announce further tax changes, her focus has been on government spending.
Although there were no major changes announced, the most notable aspect of the Spring Statement is what was left unsaid. Below are the key announcements and resources relevant to you and your business.
Key Announcements
- Making Tax Digital (MTD) for Income Tax
A new policy paper announced the expansion of MTD for Income Tax to include more small businesses from April 2028, extending to sole traders and landlords with income over £20,000
- R&D Tax Relief Advance Clearances
HMRC has opened a consultation until 26 May 2025 to better target non-compliant companies while assisting those making accurate claims. Discussions include mandatory advanced assurance for high non-compliance areas, voluntary assurances for high-potential companies, and limiting the service to customers using registered agents
- Upcoming Spending Review
The results of a spending review, which will allocate government spending for the three years from 2026/27 to 2028/29, will be announced on 11 June 2025
- Reduction in Tax Evasion
The Chancellor highlighted the government's commitment to reducing tax evasion, with investments in technology and HMRC capacity expected to raise an additional £1bn in revenue
- Addressing Skills Shortages
Efforts will be made to tackle skills shortages, particularly in the construction sector
- Investment in Housing
There will be increased investment in social and affordable housing
- Civil Service Transformation
The civil service will be streamlined with the introduction of an accelerated new Transformation Fund
- Welfare System Overhaul
Stricter tests for personal independence payments are part of the changes to the welfare system
- Boosting Defence Spending
In response to a rapidly evolving global landscape, defence spending will see a significant increase
- Steadfast Commitment to Economic Growth
Despite a downward revision in short-term growth forecasts from 2% to 1%, the government remains dedicated to fostering economic expansion.
Previous Budget Announcements
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Jerroms Mortgage & Finance Ltd is registered in England and Wales. Registered number 11459888. Registered Office address as above. Authorised and regulated by the Financial Conduct Authority (reference number: 829252). Mortgages Together, Stratford Corporate Finance and Business Finance Quote are trading names of Jerroms Mortgage & Finance Ltd. VAT No. 326 4715 04.
Jerroms Financial Planning is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 300784. Registered in England and Wales under reference 4710626. Registered office address: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands B90 8AH.
Client Directors of the firm are not directors of Jerroms and are not subject to the obligations and responsibilities of directors within Part 10 of the Companies Act 2006.
Jerroms is a trading style of both Jerroms Business Solutions Limited (08923059) and Jerroms GCN Limited (08433008). Registered Office for each of these Companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands, B90 8AH. A list of directors is open for inspection at the Registered Office.
