Reversal on Emergency Budget 2022

Chancellor brings forward further medium-term fiscal plan measures

As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’.

Three weeks later, after huge turmoil, a reversal of most of the elements of that plan and a new statement planned for 31 October. This is now being referred to as the Medium-Term Fiscal Plan, where the Chancellor will publish the government’s fiscal rules alongside an Office for Budget Responsibility forecast, together with what are described as ‘further measures’.

The changes outlined on 17 October are designed to ensure the UK’s economic stability and provide confidence in the government’s commitment to fiscal discipline. Below, we have outlined the current position.

We are pleased to enclose a copy of our Reversal on Emergency Budget 2022, which summarises the main points relating to taxation in the Chancellor’s speech.

We hope the summary will provide you with a useful update and allow you to get to grips with the changes. If you have any questions in understanding how the changes to tax affect you, please do get in touch.