This was a Budget set against a backdrop of the national debt. According to the ONS, the UK Government gross debt was £2.2 trillion at the end of the financial year ending March 2021, equivalent to 106.0% of gross domestic product (GDP). By comparison, this is 13.1% above the average of the 27 European Union (EU) member states.
Given this context, the Chancellor had to take a balanced approach to the Budget. The minimal changes announced in the Budget for British businesses will hopefully provide them with the certainty and stability they have been craving over the last 18 months.
For an outline of the key points presented in the Budget, please read our initial summary here.
Published: October 31, 2021