Chris Sanger, EY’s Head of Tax Policy, comments on the emergency Budget:
“In many ways, today’s Budget was reminiscent of the Budgets of old, or at least the ‘noughties’ decade. Many of the measures were speculated on ahead of the speech, there were cuts to both income and corporation tax rates and there was a focus on growth. Indeed, the tax system will soon echo that of the noughties, with no additional (45p) rate of income tax, no off-payroll workers rules for employers and VAT-free shopping.
“So, whilst the Chancellor may have been focussing on the future, he may well have brought us back into the past.”