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Statement on the Spring Budget

Publication date:

06 March 2024

Last updated:

06 March 2024


Dr Matthew Connell

"Right at the beginning of his speech, the Chancellor set out his fundamental aim – for a ‘high wage, high skill economy’.

Professional bodies are at the forefront of this, bringing together employers and employees, creating relevant qualifications that are recognised across entire sectors, increasing job mobility and career security, and creating communities that support continuing development.

The Chancellor highlighted the world-leading status of the UK’s financial sector – it is a living example of a high skill, high value sector.

We welcome the Chancellor’s decision to bolster resilience by increasing the repayment period for a loan for household emergencies from 12 to 24 months, and an end to a £90 charge for debt relief orders.

Last September, we published a report on resilience that recommended an independent Commission on Household Financial Security, to create a comprehensive plan for resilience in an economy where only 54% of those aged under 45 could cope with their household income being halved for a 3 month period.

We welcome the increase in ISA tax allowances – with an extra £5000 for investment in UK investments – however, the ISA system has been popular because it is much simpler to understand than pensions – it would be better to have one ISA limit, and for British investments to prove their worth in a competitive market."